US: Personal Income Rises While Spending Continued to Decline

<p>Personal income surprised to the upside, increasing by 0.6% month-on-month in December, well ahead of market expectations for a modest 0.2% increase. The main contributors to the increase were higher government transfer receipts (+2.3% m/m), income receipts from assets (2.0% m/m), and compensation (0.5% m/m). Notably, wages and salaries in service-producing industries rose by 0.6% […]</p>
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