The Commerce Department reported Friday consumer spending was flat in the month of August, coming in lower than the expectation for an 0.1% increase. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, now posted the weakest reading since March.
Spending, like other economic indicators, has tapered off amid weakened gross domestic product (GDP) data over the prior two quarters. Personal income increased 0.2%, matching the estimate. Personal incomes rose by just 0.2%, which was the slowest growth since February.