Personal income in the U.S. tumbled by more than expected in the month of March, according to a report released by the Commerce Department on Thursday.
The report said personal income plunged by 2.0 percent in March after climbing by 0.6 percent in February. Economists had expected personal income to slump by 1.5 percent.
The Commerce Department said personal spending also plummeted by 7.5 percent in March after inching up by 0.2 percent in the previous month. Spending was expected to nosedive by 5.0 percent.
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