US personal income was unchanged month-over-month in April 2026, falling short of market expectations for a 0.4% increase and following a slightly downwardly revised 0.5% gain in March. The flat reading was largely due to a $61.7 billion drop in farm proprietors’ income, reflecting lower payments under the Farmer Bridge Assistance Program after applications closed in mid-April. Proprietors’ income with inventory valuation and capital consumption adjustments also fell by $57.8 billion. The decline was partly offset by a $39.6 billion increase in compensation, including a $32.4 billion rise in wages and salaries. Private-sector wages and salaries increased by $28.5 billion, while government wages and salaries rose by $3.9 billion. Meanwhile, disposable personal income fell 0.1%, or $19.9 billion, after rising 0.5% in the previous month. Real disposable personal income declined 0.5%, deepening from an upwardly revised 0.2% decrease in March.