Macro glossary

Real Personal Income

Personal income adjusted for inflation, excluding transfer payments.

Definition

Real personal income ex-transfers is one of the NBER's six core dating indicators. It captures both employment and wage dynamics without being distorted by stimulus payments.

Related indicators

Real Income (ex Transfers)

Track real personal income excluding transfers — the NBER's top recession indicator. Declining organ

Related terms

NBER Recession Dating

The process by which the National Bureau of Economic Research officially identifies the peaks and troughs of US business cycles.

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