Most Active Stories
- A Tree's Life: From The North Carolina Mountains To Your Living Room
- North Carolina To End Use Of Gas Chambers In Animal Shelters
- The Militarization Of North Carolina's Police
- North Carolina: Conservatives, Educators Debate Content Of AP U.S. History Class
- Panthers: Cam Newton Has Two Fractures In His Lower Back
Hosts, Reporters and Producers
Fri March 29, 2013
Consumer Spending Rose 0.7 Percent In February; Higher Gas Prices A Factor
Originally published on Fri March 29, 2013 10:30 am
There was a slightly larger-than-expected increase of 0.7 percent in consumer spending from January to February, the Bureau of Economic Analysis says.
Higher gasoline prices, though, were much of the reason for the rise. According to the bureau, if spending is adjusted for inflation the increase was a more modest 0.3 percent — the same as in January. And higher energy costs were behind most of the inflationary pressures last month.
Consumer spending is closely watched because consumers buy about 70 percent of all the goods and services that companies produce — meaning they drive the economy.
Meanwhile, personal income shot up 1.1 percent.