America’s consumers spent less in February after a buying burst in January, weighed down by a 1.8% drop in auto sales.
VIDEO: Consumer Price Index shows prices increased 0.4% month-over-month in FebruaryThe government said Wednesday that retail sales slipped 0.4% after jumping a revised 3.2% in January, helped by an increase in auto sales. Retail sales were down in November and December, the critical holiday period.
The government reported on Tuesday that U.S. consumer price increases eased slightly from January to February but still pointed to an elevated inflation rate that's presenting a challenge for the Federal Reserve at a delicate moment for the financial system. Prices increased 0.4% last month, just below January’s 0.5% rise. Yet excluding volatile food and energy costs, so-called core prices rose 0.5% in February, slightly above January’s 0.4% gain.
The first reading will come with the University of Michigan consumer confidence survey released Friday. The bigger impact on consumers will probably come through a further tightening in credit conditions, economists said.
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