News Release
Personal Income and Outlays, April 2025
Personal income increased $210.1 billion (0.8 percent at a monthly rate) in April, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $189.4 billion (0.8 percent) and personal consumption expenditures (PCE) increased $47.8 billion (0.2 percent).
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $48.6 billion in April. Personal saving was $1.12 trillion in April and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.9 percent.
The increase in current-dollar personal income in April primarily reflected increases in government social benefits to persons and in compensation.
The $47.8 billion increase in current-dollar PCE in April reflected an increase of $55.8 billion in spending on services that was partly offset by a decrease of $8.0 billion in spending for goods.
From the preceding month, the PCE price index for April increased 0.1 percent. Excluding food and energy, the PCE price index also increased 0.1 percent.
From the same month one year ago, the PCE price index for April increased 2.1 percent. Excluding food and energy, the PCE price index increased 2.5 percent from one year ago.
| Personal Income and Related Measures |
||||
|---|---|---|---|---|
| Current-dollar personal income | 0.8 | |||
| Current-dollar disposable personal income | 0.8 | |||
| Real disposable personal income | 0.7 | |||
| Current-dollar personal consumption expenditures (PCE) | 0.2 | |||
| Real PCE | 0.1 | |||
| PCE price index | 0.1 | |||
| PCE price index, excluding food and energy | 0.1 | |||
Next release: June 27, 2025, at 8:30 a.m. EDT
Personal Income and Outlays, May 2025
Technical Notes
Changes in Personal Income and Outlays for April
The increase in personal income in April reflected increases in government social benefits to persons and in compensation.
- The increase in government social benefits to persons was led by an increase in Social Security payments, reflecting payments associated with the Social Security Fairness Act.
- The increase in compensation was led by private wages and salaries, based on data from the Bureau of Labor Statistics (BLS) Current Employment Statistics (CES). Wages and salaries in services-producing industries increased $53.1 billion. Wages and salaries in goods‑producing industries decreased $3.1 billion.
Revisions to Personal Income
Estimates have been updated for October through March. Revisions for October through December for compensation, personal taxes, and contributions for government social insurance reflect the incorporation of fourth-quarter wage and salary data from the BLS Quarterly Census of Employment and Wages program. The estimates for January through March reflect updated BLS CES data. The revision to Social Security benefits for March reflects information on retroactive payments associated with the Social Security Fairness Act.