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U.S. personal incomes increase 1.1 percent in February after a 3.7 percent drop the month prior, according to the Commerce Department.
Incomes increased by $143.2 billion in February, representing a 2.6 percent year-over-year increase.
Analysts expected a 0.9 percent monthly increase.
Consumer spending in February also increased 0.7 percent – representing the largest monthly increase in five months – following a 0.4 percent increase in January.
Analysts say higher gasoline prices contributed to the increase. Consumers spent 5.8 percent more on gasoline and other energy sources in February. Analysts were expecting a 0.4 percent monthly increase in overall consumer spending.
