Consumer Spending Up For Second Straight Month
WASHINGTON — The government says consumers increased spending for a second straight month in February even though their incomes slipped due to continuing massive layoffs.
The Commerce Department reported Friday that consumer spending edged up 0.2 percent in February, in line with expectations. That follows a huge 1 percent jump in January that was even better than the 0.6 percent rise originally reported.
But the report says incomes fell by 0.2 percent in February, the fourth drop in the past five months, declines that reflected the sizable number of job layoffs that have been occurring because of the recession.