Consumers miss spending forecast
Consumer spending in the United States rose less than forecast in January as increasing food and fuel prices caused consumers to cut back on other goods and services, Bloomberg reported after the release of a U.S. Commerce Department report. Purchases increased 0.2 percent, the smallest gain since June and half the median forecast of economists surveyed by Bloomberg News. Incomes climbed more than projected and inflation remained below the Federal Reserve’s long-term forecast, Bloomberg said.
Trending News
