US consumer spending falls for second straight month in December

WASHINGTON: US consumer spending fell for a second straight month in December amid renewed business restrictions to slow the spread of COVID-19 and a temporary expiration of government-funded benefits for millions of unemployed Americans.

Consumer spending, which accounts for more than two-thirds of US economic activity, slipped 0.2% last month after dropping 0.7% in November. Economists polled by Reuters had forecast consumer spending decreasing 0.4% in December.