The Commerce Department released a report on Friday showing U.S. personal income increased by more than expected in the month of May, while personal spending rose in line with estimates.
Personal income climbed by 0.5 percent in May, matching the advance seen in April. Economists had expected income to rise by 0.3 percent.
The report also said personal spending rose by 0.4 percent in May following an upwardly revised 0.6 percent increase in April.
Economists had expected spending to climb by 0.4 percent compared to the 0.3 percent uptick originally reported for the previous month.
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