US personal income rises in December 2022, spending falls

By Ovunc Kutlu

ISTANBUL (AA) - Americans' personal income increased in December 2022, but their spending decreased, according to figures released by the Commerce Department’s Bureau of Economic Analysis on Friday.

Personal income rose 0.2%, or $49.5 billion, in December, compared to the previous month.

While the figure came in line with the market expectation, it was a slowdown from November's gain of 0.3%.

"The increase in current-dollar personal income in December primarily reflected increases in compensation and proprietors' income. The increase in compensation reflected increases in private wages and salaries in both services-producing industries and goods-producing industries," the agency said in a statement.

Personal spending, on the other hand, decreased 0.2%, or $41.6 billion, in December from the previous month.

While the market expectation for the figure was to decline 0.1% in December, it showed a decrease of 0.1% in November.

In December, there was a decrease of 0.9% in spending on goods, while spending on services was unchanged from the month before, according to the agency.