Those with jobs made slightly more money in January, spent a little more and saved more than they had in a long time, the Commerce Department announced today.
Average personal income rose 0.4%, the first monthly increase last September. The department said the increase was due to pay increases for civilian and military personnel. Private wage disbursements fell $25.8 billion, compared with a $27 billion drop in December.
Overall personal income increased 3.8% last year, compared 6.1% 2007.
Personal consumption rose 0.6% in January, following four consecutive months of declines.
Personal savings as a percentage of disposable income was 5% in January, up from 3.5% in December.
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