New York -- Consumer spending increased in February by the most in five months as incomes rose and the job market improved.
The Commerce Department said on Friday consumer spending rose 0.7% last month, after an upwardly revised increase from 0.2% to 0.4% in January.
“The economy is in a very good place right now ahead of the fiscal restraint,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd., in a Bloomberg report. “This recovery is sustainable. Consumers are in the driver’s seat.”