US Consumer Spending Rose Less Than Forecast
Feb. 28 (Bloomberg) — Consumer spending in the US rose less than forecast in January as increasing food and fuel prices caused Americans to cut back on other goods and services. Purchases increased 0.2 percent, the smallest gain since June and half the median forecast of economists surveyed by Bloomberg News, Commerce Department figures showed today in Washington. Incomes advanced 1 percent, the most since May 2009, and more than double the median forecast of 0.4 percent, according to the Bloomberg survey. Bloomberg’s Michael McKee reports