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Financial News: U.S. Personal Income Climbs Slightly Less Than Expected

U.S. Personal Income Climbs Slightly Less Than Expected In April

05/27/2022 - 08:38:00 (RTTNews)

(RTTNews) - The Commerce Department released a report on Friday showing personal income in the U.S. increased by slightly less than expected in the month of April.

The report showed personal income rose by 0.4 percent in April after climbing by 0.5 percent in March. Economists had been expecting another 0.5 percent increase.

Meanwhile, the Commerce Department said personal spending advanced by 0.9 percent in April after surging by an upwardly revised 1.4 percent in March.

Personal spending was expected to increase by 0.7 percent compared to the 1.1 percent jump originally reported for the previous month.

A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth slowed to 4.9 percent in April from 5.2 percent in March.

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