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

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

The Commerce Department said personal income rose by 0.3 percent in August, matching the upwardly revised increase in July as well as expectations.

The report showed personal spending also climbed by 0.4 percent in August after edging down by a revised 0.2 percent in July.

Economists had expected personal spending to inch up by 0.2 percent compared to the 0.1 percent uptick originally reported for the previous month.

Meanwhile, a reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth accelerated to 4.9 percent in August from a revised 4.7 percent in July.

Economists had expected the annual rate of growth in core consumer prices, which exclude food and energy prices, to tick up to 4.7 percent from the 4.6 percent originally reported for the previous month.

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