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U.S. Personal Income Increases In Line With Estimates In May, Consumer Price Growth Slows
(RTTNews) - The Commerce Department released a report on Friday showing personal income in U.S. increased in line with economist estimates in the month of May.
The report said personal income climbed by 0.4 percent in May after rising by a downwardly revised 0.3 percent in April.
Economists had expected personal income to advance by 0.4 percent, matching the growth originally reported for the previous month.
Meanwhile, the Commerce Department said personal spending inched up by 0.1 percent in May after climbing by a downwardly revised 0.6 percent in April.
Economists had expected personal spending to rise by 0.2 percent compared to the 0.8 percent jump originally reported for the previous month.
The personal income and spending report also includes readings on consumer price inflation that are said to be preferred by the Federal Reserve.
The annual rate of consumer price growth slowed to 3.8 percent in May from 4.3 percent in April. The slowdown surprised economists, who had expected growth to accelerate to 4.6 percent.
The report said the annual rate of growth by core consumer prices, which exclude food and energy prices, also slowed to 4.6 percent in May from 4.7 percent in April. Economists had expected the pace of growth to be unchanged.
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