US: US consumer spending ticks up after half-year drop
03 Mar 2009 12:51 AM
WASHINGTON, March 2 AFP - US consumer spending ticked up 0.6 per cent in January after six months of decline, driven by a surge in retail sales, seasonally adjusted government data showed on Monday.
The Commerce Department's headline number beat analysts' consensus forecast of a 0.4 per cent gain.
In December, consumer spending fell 1.0 per cent from the prior month, and over the June-December period the spending -- which accounts for two-thirds of US economic activity -- fell 3.5 per cent.
On an annual basis, consumer spending in January was 1.6 per cent lower.
