2023.01.2712:37:00UTC+00U.S. Personal Income Inches Up In Line With Estimates In December

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

The report said personal income inched up by 0.2 percent in December after rising by a downwardly revised 0.3 percent in November.

Economists had expected personal spending to edge up by 0.2 percent compared to the 0.4 percent increase originally reported for the previous month.

Meanwhile, the Commerce Department said personal spending dipped by 0.2 percent in December after slipping by 0.1 percent in November. The modest decrease matched economist estimates.

The report also showed the annual rate of growth in core consumer prices, which exclude food and energy prices, slowed to 4.4 percent in December from 4.7 percent in November.