US Personal Income and Outlays Increase in September
Personal Income and Outlays, September 2025
On Friday, the US Bureau of Economic Analysis (BEA) reported that personal income (PI) rose $94.5 billion, or 0.4%, at a monthly rate in September. Disposable personal income (DPI) increased $75.9 billion, or 0.3%. Personal consumption expenditures (PCE) rose $65.1 billion, or 0.3%.
Month-over-month, the PCE price index increased 0.3% in September. Excluding food and energy, the index rose 0.2%.
Year-over-year, the PCE price index increased 2.8% in September. Excluding food and energy, the index was up 2.8% from a year earlier.
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—rose $70.7 billion in September. Personal saving totaled $1.09 trillion, and the personal saving rate—personal saving as a percentage of DPI—was 4.7%.
The change in current-dollar personal income 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.
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