US personal income dropped 4.2 percent from a month earlier in May 2020, after rising by a record 10.8 percent in April and compared to market expectations of a 6.0 percent slump. It was the largest decline in income since January 2013 due to a decrease in government social benefits to persons as payments made to individuals from federal economic recovery programs in response to the COVID-19 pandemic continued, but at a lower level than in April.
Personal Income in the United States averaged 0.54 percent from 1959 until 2020, reaching an all time high of 10.80 percent in April of 2020 and a record low of -4.70 percent in January of 2013. This page provides the latest reported value for - United States Personal Income - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Personal Income - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
Personal Income in the United States is expected to be -2.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Personal Income in the United States to stand at -0.50 in 12 months time. In the long-term, the United States Personal Income is projected to trend around 0.30 percent in 2021, according to our econometric models.