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The Commerce Department released a report on Wednesday showing a steep drop in U.S. personal income in the month of November.
The report said personal income slumped by 1.1 percent in November after falling by a revised 0.6 percent in October.
Economists had expected personal income to dip by 0.3 percent compared to the 0.7 percent drop originally reported for the previous month.
The Commerce Department said personal spending also fell by 0.4 percent in November after rising by 0.3 percent in October.
Personal spending was expected to edge down by 0.2 percent compared to the 0.5 percent increase originally reported for the previous month.
