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Financial News: U.S. Personal Income Rises Slightly More Than Expected

U.S. Personal Income Rises Slightly More Than Expected In September

10/28/2022 - 08:39:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Friday showed personal income in the U.S. rose by slightly more than expected in the month of September.

The Commerce Department said personal income climbed by 0.4 percent in September, matching the upwardly revised increase in August.

Economists had expected personal income to rise by 0.3 percent, which would have matched the growth originally reported for the previous month.

The report also showed personal spending increased by 0.6 percent in September following an upwardly revised 0.6 percent advance in August.

Personal spending was expected to climb by 0.4 percent, matching the increase originally reported for the previous month.

Meanwhile, a reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth accelerated to 5.1 percent in September from 4.9 percent in August.

Economists had expected the annual rate of growth in core consumer prices, which exclude food and energy prices, to accelerate to 5.2 percent.

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