Consumer spending tepid; savings at 2-year high
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Washington
US CONSUMER spending barely rose in February as households boosted savings to their highest level in more than two years, the latest sign that the economy hit a soft patch in the first quarter.
Economic growth has been undercut by bad winter weather, a strong dollar, a now-settled labour dispute at busy West Coast ports and softer demand in Europe and Asia. The slowdown in activity, however, is expected to be temporary. "Even if the first quarter is weak, the outlook for consumption over the remainder of this year looks good," said Paul Ashworth, chief US economist at Capital Economics in Toronto.
Share with us your feedback on BT's products and services
TRENDING NOW
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
Amazon’s MGM Studios gains creative control over ‘James Bond’ franchise
UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates
In taxing wealth, how far can Singapore push property owners?
