US consumer spending fell more than expected in February as a cold snap raged in many parts of the country and the momentum of a second round of stimulus controls for middle- and lower-income households faded, although the decline is likely to be temporary.
Consumer spending, which accounts for more than two-thirds of US economic activity, fell 1.0% last month after recovering from 3.4% in January, the Commerce Department said on Friday. Personal income plummeted 7.1% after an increase of 10.1% in January. Economists polled by Reuters had predicted that consumer spending would decline by 0.7% in February and revenues by 7.3%.
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