US personal income rises in December 2022, spending falls

ISTANBUL

Americans' personal income increased in December 2022, but their spending decreased, according to figures released by the Commerce Department’s Bureau of Economic Analysis on Friday.

Personal income rose 0.2%, or $49.5 billion, in December, compared to the previous month.

While the figure came in line with the market expectation, it was a slowdown from November's gain of 0.3%.

"The increase in current-dollar personal income in December primarily reflected increases in compensation and proprietors' income. The increase in compensation reflected increases in private wages and salaries in both services-producing industries and goods-producing industries," the agency said in a statement.

Personal spending, on the other hand, decreased 0.2%, or $41.6 billion, in December from the previous month.

While the market expectation for the figure was to decline by 0.1% in December, it showed a decrease of 0.1% in November.

In December, there was a decrease of 0.9% in spending on goods, while spending on services was unchanged from the month before, according to the agency.

ISTANBUL

Americans' personal income increased in December 2022, but their spending decreased, according to figures released by the Commerce Department’s Bureau of Economic Analysis on Friday.

Personal income rose 0.2%, or $49.5 billion, in December, compared to the previous month.

While the figure came in line with the market expectation, it was a slowdown from November's gain of 0.3%.

Personal spending, on the other hand, decreased 0.2%, or $41.6 billion, in December from the previous month.

While the market expectation for the figure was to decline by 0.1% in December, it showed a decrease of 0.1% in November.

In December, there was a decrease of 0.9% in spending on goods, while spending on services was unchanged from the month before, according to the agency.