The latest U.S. Economy in a Snapshot report from the Federal Reserve Bank of New York reveals consumer spending increased slightly in February.
Personal consumption expenditures increased 0.2% in February. Expenditures on goods declined 0.1% and spending on services increased 0.3%.
Consumers’ personal saving rates are high relative to their net worth and the ratio has been above pre-recession levels for several quarters, the Fed reports.
"Restrained access to credit, continued high demand for precautionary saving and increased concentration of wealth at the top of the income distribution may be potential explanations for this recent pattern,” according to the report.
U.S. Economy in a Snapshot was started by the Fed in June 2015 and is designed to provide a shortened, comprehensive overview of current economic and financial developments. The monthly packet presents charts and commentary on a wide range of topics that include labor and financial markets, consumer behavior and the global economy.
The initial estimate for consumer spending growth in January from December was 0.4% but a revision in the latest report shows there actually was no change, according to the report.