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U.S. Economy Slows: Personal Income and Spending Plummet

6/28/2025

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Summary

Story summary

The U.S. economy is experiencing a slowdown, resulting in a $109.6 billion (0.4%) decline in personal income for May.
Personal spending decreased by $29.3 billion (0.1%), particularly affecting vehicle purchases and food services.
Disposable personal income dropped by $125 billion (0.6%), with the personal savings rate falling to 4.5%.
Experts caution against reducing SNAP and Medicaid during this challenging economic period.

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Story summary

The U.S. economy is experiencing a slowdown, resulting in a $109.6 billion (0.4%) decline in personal income for May.
Personal spending decreased by $29.3 billion (0.1%), particularly affecting vehicle purchases and food services.
Disposable personal income dropped by $125 billion (0.6%), with the personal savings rate falling to 4.5%.
Experts caution against reducing SNAP and Medicaid during this challenging economic period.