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Tuesday, Jan 31, 2023
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May Income Growth, Spending Slow

Personal income growth slowed sharply in May and people’s spending didn’t increase at all, the government reported Thursday.


The Commerce Department said that personal incomes rose a slight 0.2 percent last month, far below the 0.6 percent increase in April. The slowdown was attributed to the weak increase in jobs last month.


In a second report, the department said that America’s net debtor position rose a sharp 15.2 percent in 2004, underscoring the deterioration in the country’s international balance sheets.


In a third report, the Labor Department said the number of Americans filing new claims for unemployment benefits fell last week for a second straight week. The drop last week was 6,000, to a total number of new claims of 310,000, the lowest level since mid-April.


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