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The U.S. Commerce Department released personal spending and income figures on Monday. Personal spending decreased 0.2% in January, after a 0.3% fall in December.
Consumer spending makes more than two-thirds of U.S. economic activity.
The decline was driven by lower gasoline prices.
Personal income climbed 0.3% in January, after a 0.3% rise in December.
The personal consumption expenditures (PCE) price index excluding food and energy rose 0.1% in January, in line with expectations, after a flat reading in December.
On a yearly basis, the PCE price index excluding food and index rose 1.3% in January, after a 1.3% increase in December.
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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