Personal income increased $115.1 billion (0.4 percent at a monthly rate) in July, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Disposable personal income (DPI)—personal income less personal current taxes—increased $125.9 billion (0.5 percent), and personal consumption expenditures (PCE) increased $36.3 billion (0.2 percent).
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $36.6 billion in July. Personal saving was $712.0 billion in July, and the personal saving rate—personal saving as a percentage of DPI—was 3.0 percent.
The increase in current-dollar personal income in July primarily reflected increases in compensation, government social benefits, and personal income receipts on assets.
The $36.3 billion increase in current-dollar PCE in July reflected an increase of $86.2 billion in spending on services that was partly offset by a decrease of $49.9 billion in spending on goods.
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Real PCE increased $1.3 billion (less than 0.1 percent at a monthly rate) in July.
From the preceding month, the PCE price index for July increased 0.2 percent. Excluding food and energy, the PCE price index also increased 0.2 percent.
From the same month one year ago, the PCE price index for July increased 3.7 percent. Excluding food and energy, the PCE price index increased 3.3 percent from one year ago.
| Personal Income and Related Measures |
||||
|---|---|---|---|---|
| Â | June | July | ||
| Current-dollar personal income | 0.2 | 0.4 | ||
| Current-dollar DPI | 0.2 | 0.5 | ||
| Real DPI | 0.3 | 0.4 | ||
| Current-dollar PCE | 0.3 | 0.2 | ||
| Real PCE | 0.4 | 0.0 | ||
| PCE price index | -0.1 | 0.2 | ||
| PCE price index excluding food and energy | 0.1 | 0.2 | ||
Annual Update of the National and Regional Economic Accounts
With improvements in the concurrent production of BEA statistics, the 2026 annual updates of national, industry, and regional data will begin on the same day for the first time: September 30, 2026. The annual update of the National Economic Accounts includes GDP, gross domestic income, GDP by industry, monthly personal income and outlays, and related statistics in the National Income and Product Accounts and the Industry Economic Accounts. The update of the Regional Economic Accounts includes GDP by state and by county, personal income by state and by county, and related statistics. For details, refer to “Information on 2026 Annual Updates to the National, Industry, State, and County Statistics.”
For definitions, statistical conventions, updates to personal income and outlays, and more information about these statistics, visit “Additional Information.”
Next release: September 30, 2026, at 8:30 a.m. EDT
Personal Income and Outlays, August 2026
Technical Notes
Changes in personal income and outlays for July
The July increase of $115.1 billion in personal income primarily reflected increases in compensation, government social benefits, and personal income receipts on assets.
- Within compensation, the increase was led by private wages and salaries based on U.S. Bureau of Labor Statistics (BLS) Current Employment Statistics (CES).
- Within government social benefits, the leading contributors to the increase were Medicaid and Medicare, based on data from the Monthly Treasury Statement and the Budget of the U.S. Government.
- The increase in personal income receipts on assets was led by personal dividend income.
Revisions to personal income
Estimates have been updated for April through June.1 Revisions to compensation reflect updated BLS CES data on employment, hours, and earnings. Within government social benefits, Medicaid benefits paid for April through June reflect revised information from the Centers for Medicare & Medicaid Services.
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 DispositionÂ
Table 2.8.1. Percent Change From Preceding Period in Real PCE by Major Type of ProductÂ
Table 2.8.5. PCE by Major Type of Product
Table 2.8.6. Real PCE by Major Type of ProductÂ
Table 2.8.7. Percent Change From Preceding Period in Prices for PCE by Major Type of ProductÂ
Table 2.8.11. Real PCE by Major Type of Product: Percent Change From Month One Year Ago
Note. With the next release, 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.
1 Revised wage and salary data from the U.S. Bureau of Labor Statistics Quarterly Census of Employment and Wages program for January through March will be incorporated with the annual update of the National Economic Accounts on September 30. Updated monthly estimates of personal income and outlays will be released on September 30, along with the estimate for August 2026.
