Reported about 11 hours ago
In January, US consumer spending unexpectedly dropped by 0.5% due to extreme winter weather and a slowdown in services, raising concerns about economic resilience. This decline marks the largest monthly drop in nearly four years, primarily influenced by a significant decrease in motor vehicle purchases. However, the inflation-adjusted numbers showed some relief, with the core personal consumption expenditure index reflecting minimal annual price increase, aligning with the Federal Reserve's inflation targets.
Source: YAHOO