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March 13, 2026US PERSONAL INCOME AND OUTLAY, JANUARY 2026 Month over month (January 2026 vs December 2025, seasonally adjusted annualized rates)
US personal income increased by $113.8 billion (+0.43%) from December to January. Employee compensation was up $83.7 billion (+0.52%). Personal disposable income was up $219.9 billion (+0.95%) while personal consumption expenditures (PCE) increased by $81.1 billion (+0.38%). US personal savings grew sharply by $134.2 billion (+14.58%).
US personal income is calculated as the sum of employee compensation ($16.14 trillion), proprietors' income ($2.12 trillion), rental income ($1.11 trillion), receipts on assets ($4.31 trillion) and current transfers received ($5.11 trillion), less contributions to social insurance programs ($2.09 trillion). Personal income ($26.70 trillion) less personal current taxes ($3.22 trillion) equals disposable income ($23.47 trillion).
The outlay of US personal disposable income consists of personal consumption expenditures ($21.54 trillion), interest payments ($0.59 trillion) and current transfers paid ($0.29 trillion) with personal savings ($1.05 trillion) accounting for the remaining amount.
Trends
US personal income grew faster than monthly consumption in January. In six of the last twelve months, personal income has grown faster than consumer expenditures.
Growth in the price index for personal consumption expenditures (all items) was 2.8% year-over-year in January. Year-over-year growth in the price index for all items excluding food and energy was 3.1%. 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 rebounded to 4.5% of disposable personal income in January, the first rise since April 2025.
Year-over-year (January 2026 vs January 2025)
In January 2026, US personal income increased by 4.4% over its value in January 2025. There were gains from all income sources led by growth in current transfers received (+8.5%). Personal consumption expenditures grew by 5.3%. Personal savings declined 8.2%.
U.S. Bureau of Economic Analysis, "Table 2.6. Personal Income and Its Disposition, Monthly"; Data retrieved Federal Bank of St Louis
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