Personal income increased $86.2 billion (0.3 percent at a monthly rate) in December, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $75.7 billion (0.3 percent), and personal consumption expenditures (PCE) increased $91.0 billion (0.4 percent).

This report for December 2025, originally scheduled for January 29, 2026, was rescheduled due to the October–November 2025 government shutdown.

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $90.2 billion in December. Personal saving was $830.8 billion in December, and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.6 percent.

The increase in current-dollar personal income in December primarily reflected increases in personal current transfer receipts and compensation.

The $91.0 billion increase in current-dollar PCE reflected an increase of $98.5 billion in spending on services and a decrease of $7.5 billion in spending on goods.

Real PCE increased $11.5 billion (0.1 percent at a monthly rate) in December.

From the preceding month, the PCE price index for December increased 0.4 percent. Excluding food and energy, the PCE price index also increased 0.4 percent.

From the same month one year ago, the PCE price index for December increased 2.9 percent. Excluding food and energy, the PCE price index increased 3.0 percent from one year ago.

Next release: March 13, 2026, at 8:30 a.m. EDT
Personal Income and Outlays, January 2026

Technical Notes

Changes in personal income and outlays for December

The December increase in personal income primarily reflected increases in personal current transfer receipts and compensation.

• Personal current transfer receipts increased $38.4 billion, reflecting increases of $23.0 billion in other current transfer receipts and $15.4 billion in government social benefits to persons.
  • The increase in other current transfer receipts reflected a settlement paid by a domestic electric utility to U.S. households to compensate for claims of personal injury, property damage, and other losses related to the 2023 Maui wildfire.
  • The increase in government social benefits was led by Medicare.
• Compensation increased $31.0 billion, based on Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) data.
  • Private wages and salaries increased $19.0 billion, reflecting an increase of $20.2 billion in services‑producing industries and a decrease of $1.2 billion in goods-producing industries.
  • Government wages and salaries increased $5.3 billion.

Revisions to personal income

Estimates have been updated for October and November, reflecting updated BLS CES data on employment, hours, and earnings.

Related Data Tables

For the statistics highlighted in this release, as well as historical time series for these estimates, see the following data tables in BEA’s Interactive Data Application.

• Table 2.6. Personal Income and Its Disposition
• Table 2.8.1. Percent Change From Preceding Period in Real PCE by Major Type of Product
• Table 2.8.5. PCE by Major Type of Product
• Table 2.8.7. Percent Change From Preceding Period in Prices for PCE by Major Type of Product
• Table 2.8.11. Real PCE by Major Type of Product: Percent Change From Month One Year Ago

Note. With the next release of PIO, today’s data will be superseded, and the links above will reflect the latest data. The original data featured in this release can then be accessed in BEA’s Data Archive.