A report released by the Commerce Department on Friday showed personal income in the U.S. increased by slightly more than expected in the month of June.
The Commerce Department said personal income climbed by 0.6 percent in June following an upwardly revised 0.6 percent advance in May.
Economists had expected personal income to rise by 0.5 percent, matching the increase originally reported for the previous month.
The report also showed personal spending jumped by 1.1 percent in June after rising by an upwardly revised 0.3 percent in May.
Personal spending was expected to advance by 0.9 percent compared to the 0.2 percent uptick originally reported for the previous month.
Meanwhile, a reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth accelerated to 4.8 percent in June from 4.7 percent in May.
