Personal Spending Drops in January

Washington, DC, March 3, 2015—U.S. personal spending declined for the second consecutive month in January, reports Nasdaq.

A Commerce Department said that personal spending fell 0.2% in January, more than the estimated decline of 0.1%. In December, personal spending fell 0.3%.

Some of this decline has be attributed to lower gasoline prices.

Accounting for as much as 2/3 of economic activity, consumer spending is the single biggest source of U.S. economic growth, notes Nasdaq.