Personal Income and Outlays, September 2026

Key takeaways

• Households are spending more than they are saving, with consumption growing faster than disposable income, keeping demand for goods and services strong.
• Personal income +$54.5 billion (0.2 %)
• Disposable personal income +$52.7 billion (0.2 %)
• Personal consumption expenditures +$113.1 billion (0.5 %)

What happened

Personal income rose by $54.5 billion, a 0.2 % increase at a monthly rate, in September 2026. Disposable personal income (income after taxes) grew by $52.7 billion, also 0.2 %. Personal consumption expenditures climbed $113.1 billion, a 0.5 % gain. Total personal outlays, which include consumption, interest payments, and transfer payments, increased $113.0 billion. Personal saving reached $911.1 billion, giving a saving rate of 3.8 % of disposable income.

Why it matters

The data show that households are still spending more than they are saving, with consumption outpacing savings growth. A 0.5 % jump in personal consumption suggests continued demand for goods and services, supporting business revenue. The modest rise in disposable income indicates that wage growth and tax changes are…

Short-term and longer-term

Short-term. In the next few days, traders should watch how the 0.5 % jump in consumption might influence short‑term equity volatility, especially in consumer‑spending stocks.

Longer-term. Over the coming months, the continued high consumption relative to savings could support growth in consumer‑discretionary and retail sectors.