US personal income, spending increase in January
Personal income rises 0.6%, personal spending jumps 1.8%
Ovunc Kutlu |
24.02.2023
US personal income, spending increase in January
ISTANBUL
Americans’ personal income and spending increased in January, with the latter coming above market estimates, according to official figures released on Friday.
Personal income rose 0.6%, or $131.1 billion, in January from the previous month, showed data by the Commerce Department’s Bureau of Economic Analysis.
The figure came much lower than the market expectation of a 1% increase. Meanwhile, the figure for December was revised up from a 0.2% gain to a rise of 0.3%.
“The increase in current-dollar personal income in January was led by an increase in compensation (table 3), reflecting private wages and salaries in both services-producing industries and goods-producing industries,” the agency said in a statement.
Personal spending showed even a higher increase, jumping 1.8%, or $312.5 billion, in January from the previous month.
The figure also came much higher than the market estimate of a 1.3% increase. Meanwhile, the figure for December was revised up from a 0.2% contraction to a decline of 0.1%.
The agency said there were increases of $162.2 billion in spending for goods and $150.2 billion in spending for services during the month of January.
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