Personal Spending Rises 0.1%

Consumer personal spending rose in February at the slowest pace in more than a year, the Commerce Department said Friday.

The 0.1% increase followed a 0.4% gain in January, Commerce said. Personal incomes rose 0.5%, following a 0.3% gain the previous month.

The spending gain matched economists’ forecasts, Bloomberg reported. Spending is tapering off as Americans face falling home prices, fewer jobs and soaring energy costs, Bloomberg said.
 
An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.