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U.S. consumer spending falls, inflation pressures muted
U.S. consumer spending fell for a second straight month in January, likely as lower gasoline prices continued to weigh on receipts at service stations. The Commerce Department said on Monday consumer spending slipped 0.2 percent after falling 0.3 percent in December. Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, dipping 0.1 percent in January. When adjusted for inflation, consumer spending increased 0.3 percent after December's 0.1 percent dip. Income increased 0.3 percent after a similar rise in December. Income at the disposal of ... (full story)