A report released by the Commerce Department on Friday showed personal income in the U.S. increased by slightly less than expected in the month of September.
The Commerce Department said personal income rose by 0.3 percent in September after climbing by 0.4 percent in August. Economists had expected income to advance by another 0.4 percent.
Meanwhile, the report said personal spending increased by 0.7 percent in September after rising by 0.4 percent in August. Spending was expected to climb by 0.5 percent.
The Commerce Department also said its reading on consumer prices rose by 0.4 percent in September, matching the increase in August.
Excluding food and energy prices, core consumer prices increased by 0.3 percent in September after inching up by 0.1 percent in the previous month.
The annual rate of consumer price growth was unchanged at 3.4 percent, while the annual rate of core consumer price growth slipped to 3.7 percent in September from 3.8 percent in August.