ENVIRONMENT AND THE WORLD ECONOMY: U.S. consumer spending rises 0.2 percent

ENVIRONMENT AND THE WORLD ECONOMY: U.S. consumer spending rises 0.2 percent ENVIRONMENT AND THE WORLD ECONOMY: U.S. consumer spending rises 0.2 percent

Friday, March 27, 2009

U.S. consumer spending rises 0.2 percent

U.S. consumer spending rose for a second straight month in February, while incomes reversed the previous month's gains, government data showed on Friday.

The Commerce Department said spending increased by 0.2 percent, after rising by a revised 1 percent in January, previously reported as a 0.6 percent increase. However, after adjusting for inflation, consumer spending in February fell 0.2 percent.

Incomes fell by 0.2 percent after January's revised 0.2 percent rise. Analysts polled by Reuters had forecast spending to rise by 0.2 percent and incomes to fall 0.1 percent.

Savings fell slightly to an annual rate of $450.7 billion. The savings rate was at 4.2 percent in February, indicating that households were still remaining frugal.

Prices edged up in February, with the overall personal consumption expenditures price index rising 1 percent on a year-over-year basis from 0.8 percent in January. Excluding food and energy, the index rose 1.8 percent after gaining 1.7 percent in January. (source: Reuters)

Labels: Global financial

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