News Release
Personal Income and Outlays, September 2025
Personal income increased $94.5 billion (0.4 percent at a monthly rate) in September, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $75.9 billion (0.3 percent) and personal consumption expenditures (PCE) increased $65.1 billion (0.3 percent).
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $70.7 billion in September. Personal saving was $1.09 trillion in September and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.7 percent.
The increase in current-dollar personal income in September primarily reflected increases in compensation and personal income receipts on assets.
The $65.1 billion increase in current-dollar PCE reflected increases of $63.0 billion in spending on services and $2.1 billion in spending on goods.
From the preceding month, the PCE price index for September increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
From the same month one year ago, the PCE price index for September increased 2.8 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago.
| Personal Income and Related Measures | ||||
|---|---|---|---|---|
| Current-dollar personal income | 0.4 | |||
| Current-dollar disposable personal income | 0.3 | |||
| Real disposable personal income | 0.1 | |||
| Current-dollar personal consumption expenditures (PCE) | 0.3 | |||
| Real PCE | 0.0 | |||
| PCE price index | 0.3 | |||
| PCE price index, excluding food and energy | 0.2 | |||
Personal income and outlays data for the months of July, August, and September 2025 will be updated with the initial estimate of Gross Domestic Product for the third quarter of 2025 on December 23, 2025. Those updated monthly statistics, reflecting newly available source data, will be published that day in BEA’s interactive data tables and API. A new personal income and outlays news release for September will not be issued with the updated data.
Next release: To be rescheduled (refer to the BEA release schedule for updates)
Technical Notes
Changes in Personal Income and Outlays for September
The September increase in personal income primarily reflected increases in compensation and personal income receipts on assets.
- Within compensation, wages and salaries as well as supplements increased, based on data from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES).
- Private wages and salaries increased $41.2 billion, reflecting increases of $32.3 billion in services-producing industries and $8.9 billion in goods-producing industries. Government wages and salaries increased $7.1 billion.
- Supplements to wages and salaries increased $10.7 billion, primarily reflecting an increase in employer contributions for employee pension and insurance funds.
- Within personal income receipts on assets, personal dividend income increased $19.8 billion, based on data from publicly traded companies.
Revisions to Personal Income
Estimates have been updated for July and August. Revisions to compensation reflected updated BLS CES data on employment, hours, and earnings. Within government social benefits, Medicaid benefits paid reflected newly available information from the Centers for Medicare & Medicaid Services.