28 September 2012, 18:02  U.S. personal income increases

While the Commerce Department released a report Friday morning showing that U.S. personal income increased by slightly less than expected in the month of August, personal spending still showed a notable increase that came in line with estimates. The report said personal income inched up by 0.1 percent in August, matching the downwardly revised increase reported for July. Economists had expected income to edge up by 0.2 percent compared to the 0.3 percent growth originally reported for the previous month. At the same time, the Commerce Department said personal spending increased by 0.5 percent in August compared to a 0.4 percent increase in July. The spending growth matched economist estimates.

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