By IANS/EFE,
Washington : Personal incomes in the US rose 0.3 percent last month and spending climbed 0.7 percent, authorities said.
Consumer spending represents nearly 70 percent of US gross domestic product and February was the eighth consecutive month to see an increase.
The personal savings rate fell last month to 5.8 percent, compared with 6.1 percent in January.
The commerce department’s broadest gauge of prices increased 0.4 percent last month and 0.3 percent in January, while “core inflation” – excluding food and energy – advanced 0.2 percent in February.
The US unemployment rate declined last month to 8.9 percent, the lowest level since April 2009, shortly before the official end of the country’s worst recession since the 1930s.
February was the third consecutive month to show a reduction in the jobless rate, as 192,000 net new positions were created. The broader U6 index, which includes discouraged workers and part-timers who would prefer to work full time, dipped to 15.9 percent.