US Personal Income Rises More Than Expected

US personal income rose by 0.6% month-over-month in March 2026, exceeding market expectations of a 0.3% increase, after showing no growth in February. This marked the biggest monthly gain since July 2025, driven primarily by a $64.3 billion rise in compensation, including a $56.1 billion increase in wages and salaries. Farm proprietors’ income also climbed by $60.2 billion. Income receipts on assets rose by $17.4 billion, largely reflecting a $14.9 billion increase in personal dividend income. Current transfer receipts grew by $7.5 billion, led by a $6.9 billion increase in government social benefits. Disposable personal income increased by 0.6% after a flat reading in the previous month. Real DPI edged down by 0.1%, following a 0.4% decline in February.

US personal income fell by 0.1% month-over-month in February 2026, following a 0.4% increase in January and defying expectations of a 0.3% rise. This marked the first decline since May 2025, largely reflecting a $38.4 billion drop in personal dividend income and a $21.6 decline in current transfer receipts. This was partly offset by a $32.9 billion increase in compensation, including a $25.9 billion rise in wages and salaries and $6.9 billion rise in supplements to wages. There was also a $10.8 billion increase in farm proprietors’ income following a $9.8 billion payment to farmers under the Farmer Bridge Assistance Program. Disposable personal income fell by 0.1%, after increasing by 0.9% in January, while real DPI declined by 0.5% after a downwardly revised 0.6% rise in the prior month.

US personal income rose by 0.4% month-over-month in January 2026, following a 0.3% increase in December and below expectations of a 0.5% rise. The gain was mainly driven by an $83.7 billion increase in compensation, including a $71.2 billion rise in wages and salaries. Private wages and salaries grew by $67.5 billion, reflecting gains of $48.3 billion in services-producing industries and $19.2 billion in goods-producing industries, while government wages and salaries increased by $3.7 billion. Personal dividend income also climbed by $44.6 billion. Meanwhile, personal current transfer receipts increased by $18.0 billion, mainly due to a $49.2 billion rise in social security benefits linked to the annual cost-of-living adjustment, partly offset by a $16.7 billion decline in other government social benefits. Disposable personal income jumped by 0.9%, accelerating from a 0.3% rise in December, while real DPI increased by 0.7% after being flat previously.