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With employees returning to work as the economy continued to reopen, the Commerce Department released a report on Friday showing U.S. personal income unexpectedly increased in the month of July.
The Commerce Department said personal income rose by 0.4 percent in July after slumping by 1.0 percent in June. The rebound surprised economists, who had expected income to dip by another 0.2 percent.
The report also showed a continued surge in personal spending, which jumped by 1.9 percent in July after spiking by 6.2 percent in June. Economists had expected spending to increase by 1.5 percent.
