US personal income fell by 2.7 percent from a month earlier in August of 2020, following a revised 0.5 percent increase in July and compared to market expectations of a 2.4 percent drop. It is the 3rd biggest drop ever in personal income amid a decrease in unemployment insurance benefits. The Federal Pandemic Unemployment Compensation program which provided a temporary weekly supplemental payment of $600 for those receiving unemployment benefits expired on July 31st and was replaced by a $300 supplement. Partially offsetting the decrease in unemployment insurance benefits was an increase in compensation in August. Government wage and salary disbursements increased $17.5 billion in August, following an increase of $14.5 billion in July. Temporary and intermittent Census decennial workers boosted government wages and salaries by $10.8 billion.
Personal Income in the United States averaged 0.53 percent from 1959 until 2020, reaching an all time high of 12.10 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 October of 2020.
Personal Income in the United States is expected to be 0.80 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.