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July 31, 2025US PERSONAL INCOME AND OUTLAY, JUNE 2025 Month over month (June 2025 vs May 2025, seasonally adjusted)
US personal income increased by $71.4 billion (+0.28%). Employee compensation was up $28.1 billion (+0.18%). Personal disposable income was up $61.0 billion (+0.27%) while personal consumption expenditures (PCE) increased by $70.0 billion (+0.34%).
US personal savings continued to decrease by falling $8.4 billion (-0.83%).
US personal income is calculated as the sum of employee compensation ($15.71 trillion), proprietors' income ($2.05 trillion), rental income ($1.09 trillion), receipts on assets ($4.01 trillion) and current transfers received ($4.92 trillion), less contributions to social insurance programs ($1.98 trillion). Personal income ($25.79 trillion) less personal current taxes ($3.26 trillion) equals disposable income ($22.54 trillion).
The outlay of US personal disposable income consists of personal consumption expenditures ($20.69 trillion), interest payments ($0.56 trillion) and current transfers paid ($0.28 trillion) with personal savings ($1.01 trillion) accounting for the remaining amount.
Trends
US personal income rebounded after the decrease last month and increased owing mainly to the rebound of current transfers.
US consumer spending rebounded as well for the second time in 2025.
Year over year (June 2025 vs June 2024, seasonally adjusted)
Growth in the price index for personal consumption expenditures (all items) was 2.6% year-over-year. Year-over-year growth in the price index for all items excluding food and energy was 2.8%, and outpaced all items PCE inflation for the 28th consecutive month.
With similar growth rates for personal income and personal consumption the US personal savings rate remained steady at 4.5% of disposable personal income in June 2025.
Year-to-date (January-June 2025 vs January-June 2024)
In the first six months 2025, US personal income increased by 4.7% from the same period in 2024. There were gains from all income sources led by growth in current transfers received (+8.2%). Personal consumption expenditures grew by 5.1%. Personal savings declined 8.9%.
US Bureau of Economic Analysis. Press release, June 2025; Data retrieved Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA
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