Personal incomes in the U.S. slowed from a month earlier, increasing 0.2 per cent, or $31.7 billion, in April, new data out of the Bureau of Economic Analysis shows.Click here for updates >
In March, incomes increased by 0.4 per cent.
Spending was a bright spot in the report, advancing 0.3 per cent — 10 basis points faster than April’s advance.
Economists polled by Bloomberg had forecast both figures to increase by 0.3 per cent.
Payrolls were buoyed during the month by an increase in manufacturing payrolls, which increased by $4.3 billion during the month.
“Goods-producing industries’ payrolls increased $7.2 billion, compared with an increase of $0.2 billion; manufacturing payrolls increased $4.3 billion, in contrast to a decrease of $0.2 billion,” the BEA said in its statement. “Services-producing industries’ payrolls increased $5.7 billion, compared with an increase of $17.4 billion.”