Personal Income Down in September as Social Benefits Decrease

Source: Bureau of Economic Analysis

Personal income in the United States slipped in September, as government social benefits decreased during the month.

• Personal income fell $216.2 billion, down 1.0% from the previous month. This follows three consecutive months of growth.
• Disposable personal income fell $236.9 billion or 1.3%, while private consumption expenditures grew $93.4 billion or 0.6%.
• Real DPI fell 1.6%, while Real PCE jumped 0.3%, with the PCE price index up by 0.3%.
• The decline in personal income comes amid the lower government social benefits, both in unemployment and other benefits.
• There were fewer releases from the pandemic compensation program, the Provider Relief Fund, and the Paycheck Protection Program.