U.S. consumer spending rose marginally for a second straight month in February as households boosted savings, the latest indication the economy lost momentum in the first quarter.
The Commerce Department said on Thursday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.2 percent last month after a similar gain in January.
Spending on long-lasting goods, such as motor vehicles, rebounded 0.2 percent after tumbling 1.5 percent in January. Outlays on services rose 0.3 percent, matching January’s increase. Economists polled by Reuters had forecast consumer spending increasing 0.2 percent in February.
