U.S. personal income in November rose for an eighth straight month on solid wage gains, which should support consumer spending and bolster economic growth next year.
The Commerce Department said on Wednesday income increased 0.3 percent last month after an unrevised 0.4 percent rise in October. Economists polled by Reuters had forecast income advancing 0.2 percent last month.
Wages and salaries rose 0.5 percent, adding to a 0.6 percent gain in October. A tightening labor market, marked by an unemployment rate that is in a range some Federal Reserve officials consider consistent with full employment, is starting to lift wages.