A report released by the Commerce Department on Friday showed U.S. personal income increased by slightly more than expected in the month of March, while U.S. personal spending jumped by much more than anticipated.
The Commerce Department said personal income rose by 0.5 percent in March after climbing by an upwardly revised 0.7 percent in February.
Economists had expected personal income to rise by 0.4 percent compared to the 0.5 percent increase originally reported for the previous month.
The report also showed personal spending jumped by 1.1 percent in March after advancing by an upwardly revised 0.6 percent in February.
Personal spending was expected to increase by 0.7 percent compared to the 0.2 percent uptick originally reported for the previous month.