Personal income in the U.S. increased by slightly less than expected in the month of December, according to a report released by the Commerce Department on Monday.
The report said personal income rose by 0.3 percent in December after inching up by 0.1 percent in November. Economists had expected income to rise by 0.4 percent.
Disposable personal income, or personal income less personal current taxes, also increased by 0.3 percent in December following a 0.1 percent uptick in the previous month.
The Commerce Department also said personal spending climbed by 0.5 percent in December after rising by 0.2 percent in November. The increase in spending matched economist estimates.
Real spending, which is adjusted to remove price changes, rose by 0.3 percent in December following a 0.2 percent increase in the previous month.
With spending rising more than income, personal saving as a percentage of disposable personal income dipped to 5.4 percent in December from 5.6 percent in November.
A reading on inflation said to be preferred by the Federal Reserve showed that core consumer prices were up 1.7 percent year-over-year in December, unchanged from the previous month.
For comments and feedback: editorial@rttnews.com