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October 29, 2026US PERSONAL INCOME AND OUTLAY, SEPTEMBER 2026 Month over month (September vs August 2026, seasonally adjusted annualized rates)
US personal income grew by $54.4 billion (+0.20%) from August to September. Employee compensation was up $42.1 billion (+0.26%). There were gains in all other income categories with the exception of receipts on assets. Personal disposable income was up $52.7 billion (+0.22%) while personal consumption expenditures (PCE) increased by $113.1 billion (+0.51%). US personal savings decreased by $60.3 billion (-6.21%).
US personal income is calculated as the sum of employee compensation ($16.53 trillion), proprietors' income ($2.15 trillion), rental income ($1.21 trillion), receipts on assets ($4.72 trillion) and current transfers received ($5.21 trillion), less contributions to social insurance programs ($2.11 trillion). Personal income ($27.71 trillion) less personal current taxes ($3.42 trillion) equals disposable income ($24.29 trillion).
The outlay of US personal disposable income consists of personal consumption expenditures ($22.45 trillion), interest payments ($0.62 trillion) and current transfers paid ($0.31 trillion) with personal savings ($0.91 trillion) accounting for the remaining amount.
Trends
In eight of the last twelve months, personal consumption expenditures have grown faster than income.
Growth in the price index for personal consumption expenditures (all items) was 3.6% year-over-year in September. Year-over-year growth in the price index for all items excluding food and energy was 3.1%. All items PCE inflation outpaced inflation for all items excluding food and energy for the seventh time since April 2023.
The US personal savings rate slowed to 3.8% of disposable personal income in September.
Year-to-date (January-September 2026 vs January-September 2025)
In January-September 2026, US personal income increased by 4.4% over its value in January-September 2025. There were gains from all income sources, led by growth in proprietors income (+5.3%). Personal consumption expenditures grew by 5.8%. Personal savings declined 13.4%.
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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