Personal income increased by 0.4 percent in April, and consumer spending hit its biggest increase in four months, CNBC reported.
Since the beginning of the year, incomes have been increasing every month. In January, incomes were up 0.6 percent, in February, they were up 0.5 percent, and in March, they increased 0.2 percent.
According to the Bureau of Economic Analysis, personal income increased by $58.4 billion in one month and disposable personal income increased by $56.5 billion.
Additionally, consumer spending also increased in April.
"April's increase was the biggest since December and could ease concerns about second-quarter economic growth after weak reports on core capital goods orders, the goods trade deficit and inventory investment in April," the article said. "Last month's increase was in line with economists' expectations."
In the first quarter of 2017, gross domestic product increased by 1.2 percent, and many pointed to consumer spending, which grew at the slowest pace in seven years during that time. It is predicted that GDP will rise from 2 to 3 percent in the second quarter.
