Personal income edges higher

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- Personal income edged up slightly in January, and spending by individuals rose for a fourth straight month, according to government data released Monday.

The Commerce Department reported that income rose a modest 0.1%, or $11.4 billion, during the month, after a downwardly revised 0.3% hike in December. Economists surveyed by Briefing.com expected the figure to rise 0.4%.

Though the number missed expectations and is the smallest increase since September, it is in line with the average change in personal income over the last 12 months.

Spending by individuals jumped 0.5% in January, or $52.4 billion, above analysts expectations for a 0.4% rise. Personal spending, which has climbed each month since November, was revised up to 0.3% in December.

Personal savings totaled $367.2 billion in January, or 3.3% of disposable income, compared to $467.9 billion in December.

The report follows the Commerce Department's second reading of gross domestic product, the broadest measure of the nation's economic activity, during the last three months of 2009 released last Friday. The revision showed that economic activity accelerated to an annual rate of 5.9% during the fourth quarter, up from the 5.7% growth the government previously reported.

But the strong end to the year was led by businesses and the federal government. The GDP report showed that consumers increased individual spending by an annual rate of 1.7% during the quarter.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,164.95 -251.90 -1.45%
Nasdaq 4,635.24 -48.17 -1.03%
S&P 500 1,994.99 -26.26 -1.30%
Treasuries 1.68 -0.08 -4.34%
Data as of 1:23am ET
Company Price Change % Change
Bank of America Corp... 15.15 -0.28 -1.81%
Apple Inc 117.16 -1.74 -1.46%
Microsoft Corp 40.40 -1.61 -3.83%
AT&T Inc 32.92 -0.04 -0.12%
General Electric Co 23.89 -0.19 -0.79%
Data as of Jan 30

Sections

Super Bowl ads are getting more expensive every year. But are companies wasting money? In the social media era, tweets and viral videos can also get a company noticed. More

Many in the middle class, particularly the single and the elderly, won't see any tax breaks under Obama's MIddle Class Economics plan More

Here's where Seahawks and Patriots fans eat, shop, and play, according to data from ad tech startup PlaceIQ. More

Wix is advertising in the Super Bowl -- but it's just the latest tech unknown to make its debut there. More

401(k) balances reached a record high last year, thanks to a soaring stock market and larger contributions from workers participating in the savings plans, according to Fidelity. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.