With an increase in compensation largely offset by a decrease in government benefits, the Commerce Department released a report on Friday showing U.S. personal income was virtually unchanged in the month of January.
The Commerce Department said personal income inched up by less than a tenth of a percent in January after rising by an upwardly revised 0.4 percent in December.
Economists had expected personal income to dip by 0.3 percent compared to the 0.3 percent increase originally reported for the previous month.
Meanwhile, the report showed personal spending spiked by 2.1 percent in January after falling by a downwardly revised 0.8 percent in December.
Personal spending was expected to jump by 1.5 percent compared to the 0.6 percent decrease originally reported for the previous month.
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