US consumer spending rises at slower pace

Consumer spending has been rising for five months in a row

US consumer spending rose in February at its slowest pace since September last year, providing further evidence of a fragile economic recovery.

Consumer spending rose 0.3%, following revised growth of 0.4% in January, the Commerce Department said.

February's figure was in line with expectations and represented the fifth straight month of growth in spending.

Consumer spending is watched closely because it accounts for more than two-thirds of overall US economic activity.

Revised figures published last week showed that the US economy grew by an annualised rate of 5.6% in the last three months of last year.

However, analysts expect growth in the current quarter to be more modest.

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