Consumer spending rises a mere 0.1%
Figures largely point to a cooling in spending - compared to a 0.5% rise in January - and a slowdown in income growth
Washington
US consumer spending rose marginally in February and overall inflation retreated, suggesting the Federal Reserve could take its time in raising interest rates this year despite a tightening labour market.
The Commerce Department said on Monday that consumer spending edged up 0.1 per cent as households cut back on goods purchases after a downwardly revised 0.1 per cent gain in January. Consumer spending, which accounts for more than two-thirds of US economic activity, was previously reported to have increased 0.5 per cent in January.
"There's still this sense of more of the same right now - the consumer is still chugging along, not really strong but not terribly weak, either," said Scott Brown, chief economist at Raymond Jame…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Bank of Japan’s Ueda says ‘very likely’ to hike rates if inflation keeps rising
Colombian fund managers eye US$750 million fee bonanza after senators tweak pension bill
Fed survey cites inflation, US election as key financial stability risks
Oil prices steady after Iran plays down reported Israeli attack
G7 pledges swift aid for Ukraine, seeks to calm Middle East
H5N1 strain of bird flu found in milk: WHO