U.S. personal income increased by slightly more than expected in the month of December, according to figures released Monday by the Commerce Department, although consumer spending came in nearly unchanged,
According to the Commerce Department, personal income increased by $61.3 billion in December, reflecting a 0.5 percent increase from November levels.
While most economists had expected a relatively robust increase in personal income, the consensus estimate called for a 0.4 percent increase.
Despite the increase in income, however, consumer spending dipped unexpectedly in December, edging down by less than 0.1 percent.
Most economists had expected consumer spending to match the 0.1 percent increase recorded in November.
The personal consumer expenditure price index, a measure watched by those with concerns about inflation, ticked up 0.1 percent in December, reversing a small decline in November.
The "core" PCE price index, which excludes the costs of food and energy, increased by 0.2 percent in December, slightly bigger than the 0.1 percent expected by economists.
With income rising and spending falling, personal saving as a percentage of disposable income jumped to 4 percent in December compared to 3.5 percent in November.
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