MarketXLS

Real Personal Income (Excluding Transfers) 16.6T for 

Real Personal Income (Excluding Transfers) came in at 16.6T for Jun 2026, up 0.24% from 16.6T the prior month and 0.14% above its level of 16.6T one year ago. The series has averaged 8.346T since 1959, reaching a record high of 16.7T in September 2025 and a record low of 2.426T in January 1959.

Source: Federal Reserve Economic Data (FRED), St. Louis Fed

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Cite this data: "Real Personal Income (Excluding Transfers)," MarketXLS. Data from Federal Reserve Economic Data (FRED), St. Louis Fed. marketxls.com/indicators/real-personal-income

Historical Data

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June 1, 202616.6T
May 1, 202616.6T
April 1, 202616.5T
March 1, 202616.6T
February 1, 202616.6T
January 1, 202616.7T
December 1, 202516.7T
November 1, 202516.7T
October 1, 202516.7T
September 1, 202516.7T
August 1, 202516.7T
July 1, 202516.7T
June 1, 202516.6T
May 1, 202516.6T
April 1, 202516.7T
March 1, 202516.7T
February 1, 202516.6T
January 1, 202516.6T
December 1, 202416.6T
November 1, 202416.6T
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⋮
September 1, 19927.364T
August 1, 19927.401T
July 1, 19927.374T
June 1, 19927.384T
May 1, 19927.352T
April 1, 19927.313T
March 1, 19927.294T
February 1, 19927.29T
January 1, 19927.252T
December 1, 19917.233T
November 1, 19917.186T
October 1, 19917.17T
September 1, 19917.185T
August 1, 19917.166T
July 1, 19917.157T
June 1, 19917.175T
May 1, 19917.135T
April 1, 19917.137T
March 1, 19917.12T
February 1, 19917.116T

About Real Personal Income (Excluding Transfers)

What it measures

Real Personal Income Excluding Current Transfer Receipts (FRED series W875RX1) measures inflation-adjusted income earned by households from wages, proprietors' income, rents, dividends, and interest, deliberately excluding government transfers such as Social Security and unemployment benefits. The Bureau of Economic Analysis publishes it monthly in chained dollars.

Why it matters

By stripping out transfers, the series isolates income generated by market activity, making it a purer cyclical signal than total personal income. It is one of the key monthly indicators the NBER Business Cycle Dating Committee examines when determining recession start and end dates, alongside payrolls, real spending, and industrial production.

How to read it

Sustained growth indicates the private economy is generating rising real earnings; a peak followed by persistent decline is a classic recession marker. Because transfers are excluded, the series can fall during downturns even while total income is propped up by stimulus payments. Monthly figures are revised, so confirm turning points across several releases before concluding the trend has changed.

Get Real Personal Income (Excluding Transfers) in Excel

Pull Real Personal Income (Excluding Transfers) directly into your spreadsheet with a single MarketXLS formula - always current, no copy-pasting:

=RealPersonalIncome()

View the Real Personal Income Excluding Transfer Receipts formula documentation or browse all 100+ Economic Data functions.

Frequently Asked Questions

What is the current Real Personal Income (Excluding Transfers)?

Real Personal Income (Excluding Transfers) is 16.6T as of June 2026.

What is the all-time high and low of Real Personal Income (Excluding Transfers)?

The highest value on record is 16.7T (September 2025) and the lowest is 2.426T (January 1959).

How often is Real Personal Income (Excluding Transfers) updated?

Real Personal Income (Excluding Transfers) is published on a monthly basis, sourced from Federal Reserve Economic Data (FRED).

How do I get Real Personal Income (Excluding Transfers) in Excel?

Use the MarketXLS Excel formula =RealPersonalIncome() to pull Real Personal Income (Excluding Transfers) directly into any cell, with historical values available for analysis.

Basic info
Real personal income is how much money an individual makes after accounting for inflation and is sometimes called real wage when referring to an individual's income.
RegionUnited States
FrequencyMonthly
Last updatedJuly 30, 2026
Seasonal adjustmentSeasonally Adjusted Annual Rate
UnitBillions of Chained 2017 Dollars

Stats
Last Value16.6T
Latest PeriodJun 2026
Last UpdatedJuly 30 2026, 12:01
Value Previous Month16.6T
Change From Previous Month0.24%
Value 1 Year Ago16.6T
Change From Year Ago0.14%
Average Growth Rate2.89%/yr
Record High (Sep 2025)16.7T
Record Low (Jan 1959)2.426T
Long-Term Average8.346T
FrequencyMonthly
AdjustmentSeasonally Adjusted Annual Rate
UnitBillions of Chained 2017 Dollars

Annual Averages
202616.6T
202516.7T
202416.5T
202316T
202215.5T
202115.5T
202014.7T
201914.7T
201814.3T
201713.8T
201613.3T
201513.1T

Related Indicators
Real Gross Domestic Product
Real Personal Consumption Expenditures
Real Gross Private Domestic Investment
Real Government Spending
Real Net Exports of Goods and Services
Real Exports of Goods and Services
Real imports of goods and services
Federal Receipts
Federal Net Outlays
Federal Surplus or Deficit
US Federal Debt (Total Public Debt)
Real Private Nonresidential Fixed Investment
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