RTTNews - Personal income increased by much more than expected in the month of May, according to a report released by the Commerce Department on Friday, although the jump was due in large part to increased government social benefit payments.
The report showed that personal income jumped 1.4 percent in May following an upwardly revised 0.7 percent increase in April. Economists had expected income to rise 0.3 percent compared to the 0.5 percent growth originally reported for the previous month.
Additionally, the Commerce Department also said that personal spending rose 0.3 percent in May after coming in unchanged in the previous month. The moderate increase in spending came in line with economist estimates.
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