The Q2 revision that lifted real personal income — and sharpened an old gap

The latest figures revised second-quarter GDP growth up by 0.7 percentage points, and they revised the path of personal income excluding transfers upward as well — the latter driven by a revised deflator rather than by any change in what people were paid. As of the release, that real income measure sat 1.6 percent above its January 2025 level. Econbrowser's read is that the distance between the output-and-income measures and the employment indicators is now in still sharper relief, with the production side of the ledger looking stronger than the labour side.