US consumer spending weakest since 2009, inflation muted

The Business Times reports:

U.S. consumer spending recorded its biggest decline since late 2009 in December, with households appearing to save the extra cash from cheaper gasoline, which could support future consumption.

The Commerce Department said on Monday consumer spending dropped 0.3 per cent after a downwardly revised 0.5 per cent increase in November. It was the largest drop since September 2009.

Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of US economic activity, falling 0.2 per cent in December after a previously reported 0.6 per cent increase.

When adjusted for inflation, consumer spending dipped 0.1 per cent, the weakest reading since last April, after increasing 0.7 per cent in November.

Just a reminder, the Obama regime is proud their economic record of stagnation.