U.S. Personal Income Rises 0.3% In August, Slightly Less Than Expected
Personal income in the U.S. rose by slightly less than expected in the month of August, according to a report released by the Commerce Department on Friday, while personal spending increased in line with economist estimates.
The report said personal income climbed by 0.3 percent in August, matching the increase seen in July. 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 for the second consecutive month.
Meanwhile, the Commerce Department said personal spending rose by 0.3 percent in August after climbing by 0.4 percent in the previous month. Spending had been expected to increase by 0.3 percent.
Real spending, which is adjusted to remove price changes, edged up by 0.2 percent in August after rising by 0.3 percent in July.
With income and spending rising at the same pace, personal saving as a percentage of disposable income was unchanged from the previous month at 6.6 percent.
The report also said a reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth held at 2.0 percent for the fourth straight month.