Personal income in the U.S. increased by less than expected in the month of June, according to a report released by the Commerce Department on Friday.
The report said personal income rose by 0.3 percent in June after climbing by an upwardly revised 0.5 percent in May.
Economists had expected personal income to increase by 0.5 percent compared to the 0.4 percent advance originally reported for the previous month.
Disposable personal income, or personal income less personal current taxes, increased by 0.3 percent in June after rising by 0.5 percent in May.
Meanwhile, the report said personal spending climbed by 0.5 percent in June after inching up by an upwardly revised 0.2 percent in May.
Economists had expected personal spending to rise by 0.4 percent compared to the 0.1 percent uptick originally reported for the previous month.
Real personal spending, which excludes price changes, increased by 0.4 percent in June after edging up by 0.1 percent in May.
With spending rising more than income, personal saving as a percentage of disposable personal income dropped to 4.3 percent in June from 4.6 percent in May.
The report also showed the annual rate of growth by consumer prices slowed to 3.0 percent in June from 3.8 percent in May. Economists had expected the pace of growth to slow to 3.1 percent.
The annual rate of growth by core consumer prices, which exclude food and energy prices, also slowed to 4.1 percent from 4.6 percent.