Commerce Department Report Shows U.S. Consumer Spending up in February; Economy on “Firmer Footing”

Consumer spending exceeded estimates for February, according to a report released last week by the U.S. Commerce Department. Although Bloomberg News estimated spending would advance by 0.5%, purchases actually increased by 0.7%, the most since October. The report also showed that the U.S. added jobs for the sixth consecutive month in February and that the unemployment rate fell to the lowest level since April 2009. “The economic recovery is on a firmer footing,” Fed officials said in response.