Personal income in the U.S. increased by slightly less than expected in the month of March, according to a report released by the Commerce Department on Monday.
The report said personal income rose by 0.3 percent in March, matching the downwardly revised increase in February. Economists had expected income to climb by 0.4 percent.
Disposable personal income, or personal income less personal current taxes, also increased by 0.3 percent for the second consecutive month.
Meanwhile, the Commerce Department said personal spending climbed by 0.4 percent in March after coming in unchanged in the previous month. The increase in spending matched economist estimates.
Real spending, which is adjusted to remove price changes, also increased by 0.4 percent in March after edging down by 0.2 percent in February.
With spending rising by more than income, personal saving as a percentage of disposable income fell to 3.1 percent in March from 3.3 percent in February.
A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth accelerated to 1.9 percent in March from 1.6 percent in the previous month.