U.S. Personal Income Climbs Less Than Expected In January
(RTTNews) - A report released by the Commerce Department showed U.S. personal income increased by less than expected in the month of January.
The Commerce Department said personal income climbed by 0.6 percent in January after rising by an upwardly revised 0.3 percent in December.
Economists had expected personal income to advance by 0.9 percent compared to the 0.2 percent uptick originally reported for the previous month.
Meanwhile, the report said personal spending surged by 1.8 percent in January after edging down by a revised 0.1 percent in December.
Personal spending was expected to jump by 1.3 percent compared to the 0.2 percent dip originally reported for the previous month.
The report also showed an unexpected acceleration in the annual rate of growth by core consumer prices, which exclude food and energy prices.
The Commerce Department's reading on consumer prices, which is said to be preferred by the Federal Reserve, showed the annual rate of growth accelerated to 4.7 percent in January from an upwardly revised 4.6 percent in December.
Economists had expected the annual rate of growth by core consumer prices to slow to 4.3 percent from the 4.4 percent originally reported for the previous month.
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