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January 29, 2026US PERSONAL INCOME AND OUTLAY, NOVEMBER 2025 Month over month (November 2025 vs October 2025, seasonally adjusted)
US personal income increased by $79.9 billion (+0.30%) from October to November. Employee compensation was up $56.9 billion (+0.36%). Personal disposable income was up $63.7 billion (+0.28%) while personal consumption expenditures (PCE) increased by $108.7 billion (+0.51%). US personal savings continued to decrease by falling $44.2 billion (-5.24%).
US personal income is calculated as the sum of employee compensation ($15.92 trillion), proprietors' income ($2.12 trillion), rental income ($1.12 trillion), receipts on assets ($4.23 trillion) and current transfers received ($5.06 trillion), less contributions to social insurance programs ($2.04 trillion). Personal income ($26.40 trillion) less personal current taxes ($3.31 trillion) equals disposable income ($23.09 trillion).
The outlay of US personal disposable income consists of personal consumption expenditures ($21.41 trillion), interest payments ($0.59 trillion) and current transfers paid ($0.29 trillion) with personal savings ($0.80 trillion) accounting for the remaining amount.
Trends
Both US personal income and consumer expenditures have each reported 6 consecutive months of gains. However, consumer spending growth has outpaced personal income growth in each of the last 6 months, resulting in steady declines for personal savings.
Growth in the price index for personal consumption expenditures (all items) was 2.8% year-over-year in November. Year-over-year growth in the price index for all items excluding food and energy was also 2.8%, but marginally ahead (0.02%) of growth in the all-items index. Inflation for all items excluding food and energy has outpaced all items PCE inflation in every month since February 2023.
The US personal savings rate contracted for the 7th consecutive month, falling to 3.5% of disposable personal income in November.
Year-to-date (January-November 2025 vs January-November 2024)
In the first eleven 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 (+8.7%). Personal consumption expenditures grew by 5.4%. Personal savings declined 14.5%.
US Bureau of Economic Analysis; Data retrieved Federal Bank of St Louis
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