UPDATE: Gas prices drive consumer spending increase in February
Published 03/28/2011, AP Economics Writer
UPDATED 10:23 A.M.
The Commerce Department said today that consumer spending jumped 0.7 percent in February. Personal incomes rose 0.3 percent. That was after a 1.2 percent January income increase — the biggest in nearly two years. Both gains reflected a Social Security tax cut, which boosted take-home pay. Still, high gas prices were a big reason for the spending gains.