Real Personal Income Excluding Transfer Receipts
Returns real (inflation-adjusted) personal income excluding transfer receipts from FRED.
What This Measures
- Wages and salaries
- Proprietors' income
- Rental income
- Interest and dividends
- Excludes: Social Security, unemployment benefits, etc.
Data Source
Data is sourced from the Bureau of Economic Analysis via FRED.
Notes
- Excludes government transfers to show earned income
- Key indicator of consumer purchasing power
Syntax
=RealPersonalIncome()Returns
number
Real personal income in billions
Examples
Real personal income
When to Use
- Income growth analysis
- Consumer purchasing power
- Labor market health
- Economic expansion tracking
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Consumer spending | RealPersonalConsumptionExpenditure() |
| Including transfers | FRED direct access |
| Disposable income | FRED direct access |
Common Issues & FAQ
Why exclude transfer receipts?
To measure earned income and organic economic growth.
What are transfer receipts?
Government payments like Social Security, unemployment benefits, welfare.
Related Formulas
More MarketXLS Economic Data formulas you can use in the same worksheet:
- Real Potential Gross Domestic Product
- Real Private Nonresidential Fixed Investment
- Real Private Residential Fixed Investment
- Residential Construction
- S&P 500
- Sales - Retail & Food Services
- St. Louis Fed Financial Stress Index
- Total Separations - Nonfarm
See RealPersonalIncome used in a complete workbook: PCE Inflation Tracker Excel: Core PCE Dashboard for May 2026 Fed Watchers
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