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Consumer spending in the United States fell more than expected in February as a cold snap gripped many parts of the country and the boost of a second round of stimulus checks for households in middle and low income has faded, although the decline is likely temporary.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, fell 1.0% last month after rebounding 3.4% in January, the Commerce Department said on Friday. Personal income fell 7.1% after jumping 10.1% in January. Economists polled by Reuters were forecasting a 0.7% drop in consumer spending in February and a 7.3% drop in income.
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