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The U.S. Commerce Department released personal spending and income figures on Monday. Personal spending was up 0.1% in February, missing expectations for 0.3% gain, after a 0.2% fall in January.
Consumer spending makes more than two-thirds of U.S. economic activity.
The increase was driven by higher spending on services. Spending on services gained 0.2% in February. Higher heating bills may lead to the increase.
Spending on goods fell 0.1% in February.
Personal income climbed 0.4% in February, exceeding expectations for a 0.3% increase, after a 0.4% rise in January. January's figure was revised up from a 0.3% gain.
The personal consumption expenditures (PCE) price index excluding food and energy rose 0.1% in February, in line with expectations, after a 0.1% rise in January.
On a yearly basis, the PCE price index excluding food and index rose 1.4% in February, after a 1.3% increase in January.
The PCE index are below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.
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