While the Commerce Department released a report on Friday showing that U.S. personal income rose by a little less than expected in the month of April, personal spending for the month still increased in line with estimates.
The report showed that personal income edged up by 0.2 percent in April following a 0.4 percent increase in March. Economists had expected income to increase by about 0.3 percent.
Private wage and salary disbursements increased by $12.9 billion in April compared with an increase of$17.6 billion in March.
Meanwhile, the Commerce Department said personal spending rose by 0.3 percent in April after climbing by 0.2 percent in March. The increase matched the expectations of economists.
With spending increasing at a slightly faster pace than income, personal saving as a percentage of disposable personal income edged down to 3.4 percent in April from 3.5 percent in March.
by RTT Staff Writer
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