The economy received a rare bit of good news recently, as a report indicates income levels increased marginally in the month of May.
According to the Bureau of Economic Analysis, personal income increased to $36.2 billion in May, 0.3 percent higher than in April.
The report also stated personal consumption expenditures increased in the month of May, but the bump up was minimal at 0.1 percent.
Among specific sectors, wages for manufacturing and government remained constant, while the industries in goods and services both increased. The services-producing industry saw payrolls rise $9.8 billion in May — a drop off from the $22.2 billion increase achieved in April.
With more money in consumers' pockets, it may signal more spending in the coming months. However, before there can be more buying — particularly significant purchases, like a home or a car — consumers have to make sure their credit is in good standing.
Consumers who need quick credit score help to become a more attractive loan candidate may want to contact a credit lawyer. By working with a credit repair specialist, consumers may learn whether they have any unfair negative marks on their credit reports that can be challenged and removed.