Daily Update (Source: RBC Financial Group
US February consumer spending inches higher
Mar 30, 2015
- Nominal personal consumer expenditure in February 2015 managed to eke out a 0.1% gain following a 0.2% drop in January.
- On a volumes basis, spending in February dropped by 0.1%, thus retracing a portion of the 0.2% gain recorded in January.
- Personal income in February rose by a stronger 0.4%, which contributed to the savings rate jumping to 5.8% from 5.5% in January.
- The level of real personal consumer expenditure (PCE) during February and January points to consumer spending in the first quarter of 2015 rising at an annualized 2.2%. This would represent a halving of the growth rate from the 4.4% surge recorded in the fourth quarter of 2014, with severe winter weather conditions including heavy snowfalls and below-average
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