US personal income, spending increase in January
Personal income rises 0.6%, personal spending jumps 1.8%
By Ovunc Kutlu
ISTANBUL (AA) – Americans' personal income and spending increased in January, with the latter coming above market estimates, according to official figures released on Friday.
Personal income rose 0.6%, or $131.1 billion, in January from the previous month, showed data by the Commerce Department's Bureau of Economic Analysis.
The figure came much lower than the market expectation of a 1% increase. Meanwhile, the figure for December was revised up from a 0.2% gain to a rise of 0.3%.
"The increase in current-dollar personal income in January was led by an increase in compensation (table 3), reflecting private wages and salaries in both services-producing industries and goods-producing industries," the agency said in a statement.
Personal spending showed even a higher increase, jumping 1.8%, or $312.5 billion, in January from the previous month.
The figure also came much higher than the market estimate of a 1.3% increase. Meanwhile, the figure for December was revised up from a 0.2% contraction to a decline of 0.1%.
The agency said there were increases of $162.2 billion in spending for goods and $150.2 billion in spending for services during the month of January.
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