The US Commerce Department announced today that consumer spending in February increased by 0.3 percent over the previous month. The rate of increase was slightly lower than than the 0.4 percent registered in January, but maintained the five-month streak of spending increases, providing further evidence that the economy is slowly turning the corner.
The news was not all positive however as incomes remained stagnant following a 0.3 percent gain in January. The fear is that because wages failed to increase in February, March’s spending could be affected as shopper’s return to more cautious spending patterns.
Source: Associated Press
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