US personal income, spending slow down in February

ISTANBUL

Americans' personal income and spending slowed down in February, compared to the previous month, according to official figures released Friday.

Personal income rose 0.3%, or $72.9 billion, in February from the previous month, showed data by the Commerce Department's Bureau of Economic Analysis.

The figure came higher than the market expectation of a 0.2% increase, but it was down from a 0.6% gain in January.

"The increase in current-dollar personal income in February was led by an increase in compensation, mainly from wages and salaries. Private wages and salaries for services-producing industries and government wages and salaries increased," the agency said in a statement.

Personal spending showed even a harder slowdown, rising only 0.2%, or $27.9 billion, in February from the previous month.

The figure also came lower than the market expectation of a 0.3% increase, while it marks a sharp softening from a 2% gain in January.

The agency said there was an increase of $25.8 billion in spending for services and a gain of $2 billion in spending for goods, during the month of February.