Personal income in the U.S. slumped by more than expected in the month of June, according to a report released by the Commerce Department on Friday, although the report also showed another substantial increase in personal spending.
The Commerce Department said personal income tumbled by 1.1 percent in June after plunging by a downwardly revised 4.4 percent in May.
Economists had expected personal income to decrease by 0.5 percent compared to the 4.2 percent nosedive originally reported for the previous month.
Meanwhile, the report said personal spending surged up by 5.6 percent in June after skyrocketing by an upwardly revised 8.5 percent in May.
Personal spending had been expected to jump by 5.5 percent compared to the 8.2 percent spike originally reported for the previous month.