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Consumer Spending Rose 0.7 Percent In February; Higher Gas Prices A Factor

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.

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Military Veterans Take On Zombies In 'Range 15'

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Chef Eddie Huang On Cultural Identity And 'Intestine Sticky Rice Hot Dog'

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Family of Kate Steinle File Wrongful Death Lawsuit

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North Korea Linked To $81 Million Bangladesh Bank Heist

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