2022.03.3112:48:00UTC+00U.S. Personal Income Increases In Line With Estimates In February

Personal income in the U.S. increased in line with economist estimates in the month of February, according to a report released by the Commerce Department on Thursday.

The report showed personal income rose by 0.5 percent in February after inching up by a revised 0.1 percent in January.

Economists had expected personal income to climb by 0.5 percent compared to the unchanged reading originally reported for the previous month.

Meanwhile, the Commerce Department said personal spending edged up by 0.2 percent in February after surging by an upwardly revised 2.7 percent in January.

Personal spending was expected to increase by 0.5 percent compared to the 2.1 percent jump originally reported for the previous month.

A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth accelerated to 5.4 percent in February from 5.2 percent in January.