U.S. consumer spending rises modestly; savings at two-year high

U.S. consumer spending barely rose in February as households boosted savings to their highest level in more than two years, the latest sign that economic growth slowed sharply in the first quarter. The Commerce Department said on Monday that consumer spending edged up 0.1 percent after an unrevised 0.2 percent drop in January. Economists polled by Reuters had expected consumer spending, which accounts for more than two-thirds of U.S. economic activity, to increase 0.2 percent last month. When adjusted for inflation, consumer spending dipped 0.1 percent last month after rising 0.2 percent in the prior month.

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