While the Commerce Department released a report on Tuesday showing that U.S. personal income rose by slightly less than expected in the month of November, the report also showed that U.S. personal spending increased by slightly more than expected.
The report said personal income increased by 0.4 percent in November following an upwardly revised 0.3 percent increase in October. Economists had expected income to climb by 0.5 percent compared to the 0.2 percent growth originally reported for the previous month.
Meanwhile, the Commerce Department said personal spending rose by 0.6 percent in November compared to the 0.5 percent increase expected by economists. The increase in spending in October was also upwardly revised to 0.3 percent from 0.2 percent.
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