RTTNews - Personal income unexpectedly increased in the month of April, according to a report released by the Commerce Department on Monday, although the report also showed a modest decrease in personal spending during the month.
The report showed that personal income increased by 0.5 percent in April following a revised 0.2 percent decrease in March. The increase surprised economists, who had expected income to fall by 0.2 percent compared to the 0.3 percent decrease originally reported for the previous month.
At the same time, the Commerce Department said that personal spending edged down 0.1 percent in April after falling by a revised 0.3 percent in the previous month. Economists had expected the drop in personal spending to match the 0.2 percent decrease originally reported for March.
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