US: Personal Income Falls by 7.1% in February, Personal Spending Drops

The US Bureau of Economic Analysis reported on Friday that Personal Income in February declined 7.1% on a monthly basis. This reading followed January’s impressive increase of 10.1% and came in slightly better than the market expectation for a decrease of 7.3%.

Further details of the publication showed that Personal Spending contracted by 1% during the same period, compared to analysts’ estimate of 0.7%.