After reporting a sharp increase in U.S. personal income in the previous month, the Commerce Department released a report on Friday showing personal income edged up by slightly less than expected in the month of August.
The Commerce Department said personal spending crept up by 0.2 percent in August after jumping by 1.1 percent in July. Economists had expected income to rise by 0.3 percent.
Meanwhile, the report said personal spending climbed by 0.8 percent in August following a revised 0.1 percent dip in July. Spending was expected to increase by 0.6 percent compared to the 0.3 percent uptick originally reported for the previous month.