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U.S. Personal Income Increases In Line With Estimates In May

Personal income in the U.S. increased in line with economist estimates in the month of May, according to a report released by the Commerce Department on Thursday.

The report showed personal spending rose by 0.5 percent in May, matching the revised increase seen in April as well as expectations.

Meanwhile, the Commerce Department said personal spending edged up by 0.2 percent in May after climbing by a downwardly revised 0.6 percent in April.

Economists had expected personal spending to increase by 0.5 percent compared to the 0.9 percent advance originally reported for the previous month.

A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth slowed to 4.7 percent in May from 4.9 percent in April.

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