U.S. personal income climbs more than expected in January
The report said personal income climbed by 0.4 percent in January after rising by 0.3 percent in December.
Disposable personal income, or personal income less personal current taxes, rose by 0.3 percent for the second straight month.
The Commerce Department said personal spending edged up by 0.2 percent in January after climbing by 0.5 percent in the previous month. Spending had been expected to rise by 0.3 percent.
Real spending, which is adjusted to remove price changes, actually fell by 0.3 percent in January after rising by 0.3 percent in December.
With income rising faster than spending, personal saving as a percentage of disposable personal income ticked up to 5.5 percent in January from 5.4 percent in December. ■