(RTTNews) – Reflecting a decrease in unemployment insurance benefits, the Commerce Department released a report on Thursday showing a steep drop in U.S. personal income in the month of August.
The Commerce Department said personal income tumbled by 2.7 percent in August after rising by an upwardly revised 0.5 percent in July.
Economists had expected personal income to slump by 2.5 percent compared to the 0.4 percent increase originally reported for the previous month.
Meanwhile, the report said personal spending climbed by 1.0 percent in August after jumping by a downwardly revised 1.5 percent in July.
Personal spending was expected to increase by 0.8 percent compared to the 1.9 percent spike originally reported for the previous month.
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