Personal income in the U.S. rose by more than expected in the month of May, according to a report released by the Commerce Department on Thursday, with the report also showing an increase in personal spending that matched economist estimates.
The report said personal income rose by 0.5 percent in May after edging up by 0.1 percent in April. Economists had been expecting income to increase by about 0.2 percent.
Additionally, the Commerce Department said personal spending rebounded by 0.3 percent in May following a 0.3 percent drop in the previous month. The increase came in line with expectations.
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