Most Active Stories
- A Huge, New Ski Resort At The Balsams?
- Rail Study Group Expects 3,000 Riders Daily Between Manchester and Boston
- N.H. Senate Approves Medicaid Expansion Proposal
- Miss. Man Thought Dead, Comes Back To Life On Embalming Table
- With Escalating Heroin Epidemic In Portsmouth, City's Reputation Could Be On The Line
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.