Investing.com - U.S. consumer spending slowed in January, according to a report released on Thursday.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.2% in January after a 0.4% increase in the previous month.
Economists had forecast consumer spending rising 0.2%.
The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.3% in January after an increase of 0.2% in the prior month.
Analysts had expected the index to rise 0.3%.
The so-called core PCE increased 1.5% in the 12 months through January, remaining unchanged from a month earlier.
That was also in line with analysts’ expectations.
Personal income rose 0.4% last month matching the advance seen in December.
Economists had forecast a 0.3% gain.