US: Personal Income Falls by 2.7% in August, Personal Spending Rises by 1%

Personal Income in the US declined by 2.7% on a monthly basis in August after rising by 0.5% (revised from 0.4%) in July, the US Bureau of Economic Analysis reported on Thursday. This reading came in slightly worse than the market expectation for a decrease of 2.4%.

Further details of the publication showed that Personal Spending in the same period increased by 1% to beat analysts’ estimate of 0.5%.