US personal income, spending rise in May

By Ovunc Kutlu

ISTANBUL (AA) - Americans' personal income rose 0.4% in May, more than market expectations, according to official figures released Friday.

Personal income increased $91.2 billion from the previous month, according to data from the Commerce Department's Bureau of Economic Analysis.

The figure came above the market expectation of a 0.3% increase, after posting a 0.3% gain in April.

The gain mostly reflected increases in compensation, which was led by private wages and salaries, the agency said in a statement.

Personal spending increased by $18.9 billion, or 0.1%, from the previous month.

That figure, however, came below the market estimates of a 0.2% gain, after increasing 0.6% in April.