February Consumer Spending Up, But There’s A Catch
DETROIT (WWJ) – Consumers spending rose in February at the fastest pace in four months, but a big part of the increase went to cover higher gasoline prices.
The Commerce Department says consumer spending rose seven-tenths of a percent last month. Personal incomes rose just point-three percent after a 1.2 percent January boost.
Economists are concerned that if energy costs keep going up, it will cut into household budgets and leave consumers with less money to spend on other things.