US Personal Income Rises at Softer Pace

US personal income rose by 0.3% month-over-month to $26.512 trillion in December 2025, following a downwardly revised 0.4% increase in November, matching market expectations. This marked the seventh consecutive monthly rise in personal income, primarily reflecting a $38.4 billion increase in personal current transfer receipts, including a $23.0 billion from a wildfire settlement and $15.4 billion in government social benefits. At the same time, compensation rose by $31.0 billion, with private wages and salaries increasing by $19.0 billion and government wages and salaries increasing by $5.3 billion. Meanwhile, disposable personal income went up by 0.3%, the same pace as in November. Real disposable personal income was flat in December, after a 0.1% rise in the prior month.

US personal income rose by 0.3% month-over-month to $26.403 trillion in November 2025, following a 0.1% increase in October and slightly below analysts' estimates of a 0.4% advance. This marked the sixth consecutive monthly increase in personal income, primarily reflecting a rise in compensation of employees (+0.4%), as both wages (+0.4%) and supplements to wages (+0.3%) edged higher. Additionally, personal dividend income rose by 0.6%, rebounding from a similar decrease in the prior month. Meanwhile, disposable personal income increased at a faster 0.3%, compared to 0.1% in October. Real disposable personal income edged up by 0.1%, after a 0.1% fall in the prior month.

US personal income rose 0.4% month-over-month to $26.397 trillion in September 2025, matching August’s pace and beating market expectations of 0.3%. This marked the fourth consecutive monthly increase in personal income, driven primarily by a rise in compensation of employees (+0.4%), with both wages (+0.4%) and supplements to wages (+0.4%) contributing. Personal income receipts on assets rebounded (0.6% vs -0.1%), supporting overall income growth. In contrast, proprietors' income with inventory valuation and capital consumption returned to decline (-0.1% vs 0.6%), while the rental income of persons with capital consumption adjustment (0.1% vs 0.2%) and personal current transfer receipts (0.3% vs 0.8%) showed more moderate growth. Therefore, disposable personal income rose 0.3% in September, easing from August’s 0.4% gain, while real disposable personal income edged up 0.1%, unchanged from August.