by Mike ‘Mish’ Shedlock
Those trumping up the notion consumer spending would pick up in the first quarter were in for a surprise today.
The BEA report on Personal Income and Outlays was anything but strong.
Bloomberg Econoday found today’s report “surprising”.
The Econoday economist’s consensus reading for February was 0.1%, with the actual report coming in better at 0.2%.
The surprise was January took a nosedive from an initial report of +0.5% down to +0.1%.