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News > Economy
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Incomes grow, spending unchanged
Rate of growth in income slowed slightly in February, government says.
March 28, 2003: 8:53 AM EST

NEW YORK (CNN/Money) - Personal income growth slowed slightly in February while consumer spending held steady, a government report showed Friday.

The Commerce Department report showed personal income up 0.3 percent in the month, compared with a revised 0.4 percent increase in January. Analysts surveyed by Briefing.com expected a 0.2 percent increase in personal income.

Spending by consumers, which accounts for about 70 percent of the nation's economic activity, was unchanged, the same as a revised unchanged level in January. Briefing.com's consensus forecast called for a 0.2 percent decline.

However, the report said that real consumer spending, adjusted for the impact of price changes, showed a 0.4 percent decrease in the month, compared with a 0.2 percent decline in January. It was the biggest drop in that measure since September.

Spending on durable goods, such as cars and appliances, declined 2.2 percent, while spending on nondurable items, such as food and gasoline, stayed basically level. Gas prices increased sharply throughout February.  Top of page




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