NEW YORK (CNNMoney.com) -- Personal income rose 0.5% in August, the largest increase this year, while spending by individuals remained steady, according to a government report released Friday.
Personal income increased $59.3 billion, or 0.5% last month, the Commerce Department said. That's more than the 0.3% rise economists expected.
While that's good news for the economy, the rise in income comes primarily from an increase in agriculture revenue and unemployment benefits, according to Robert Dye, a senior economist at PNC Financial Services Group.
But Dye added that the numbers help put to rest fears of a double-dip recession.
"These are moderate numbers consistent with a half-speed recovery," Dye said. "We are starting to gain economic momentum and that should continue through the end of the year."
Meanwhile, spending by individuals rose $41.3 billion, or 0.4%, matching the gain from the previous month. That's another indication that the "soft patch" hit during the second quarter is coming to an end, Dye said.
A consensus of economists polled by Briefing.com expected personal spending to climb 0.3% in August. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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