Personal income in the US sank 1.1 percent month-over-month in November of 2020, much more than market forecasts of a 0.3 percent decline. It is the second consecutive drop in income, amid lower government support. Proprietors’ income (both nonfarm and farm) went down due to a decline in payments under the Coronavirus Food Assistance Program related to supporting farmers and ranchers impacted by COVID-19 as well as a decline in Paycheck Protection Program loans to businesses. Government social benefits also went down due to falls in Lost Wages Supplemental Payments, a Federal Emergency Management Agency program that provides wage assistance to individuals impacted by the pandemic. source: U.S. Bureau of Economic Analysis
Personal Income in the United States averaged 0.53 percent from 1959 until 2020, reaching an all time high of 12.40 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 January of 2021.
Personal Income in the United States is expected to be -0.60 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 0.60 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.