The Big Four: Real Personal Income In December

Real Personal Income Less Transfer Receipts

This data series is computed by taking Personal Income (PI) less Personal Current Transfer Receipts (PCTR) and deflated using the Personal Consumption Expenditure Price Index (PCEPI). We've chained the data to the latest price index value.

The "Tax Planning Strategies" annotation refers to shifting income into the current year to avoid a real or expected tax increase.

Real Personal Income

Real Personal Income YoY

Real Personal Income Percent Off Highs

Transfer Payments largely consist of retirement and disability insurance benefits, medical benefits, income maintenance benefits (more here).

Note on Recessions: Recessions are represented as the peak month through the month preceding the trough to highlight the recessions in the charts above. For example, the NBER dates the last cycle peak as December 2007, the trough as June 2009, and the duration as 18 months. The "Peak through the Period preceding the Trough" series is the one FRED uses in its monthly charts, as explained in the FRED FAQs illustrated in this Industrial Production chart.

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