United States Personal Income

US personal income rose 0.4% month-over-month to $26.397 trillion in September 2025, matching August’s pace and beating market expectations of 0.3%. This marked the fourth consecutive monthly increase in personal income, driven primarily by a rise in compensation of employees (+0.4%), with both wages (+0.4%) and supplements to wages (+0.4%) contributing. Personal income receipts on assets rebounded (0.6% vs -0.1%), supporting overall income growth. In contrast, proprietors' income with inventory valuation and capital consumption returned to decline (-0.1% vs 0.6%), while the rental income of persons with capital consumption adjustment (0.1% vs 0.2%) and personal current transfer receipts (0.3% vs 0.8%) showed more moderate growth. Therefore, disposable personal income rose 0.3% in September, easing from August’s 0.4% gain, while real disposable personal income edged up 0.1%, unchanged from August.