Consumer spending, income rise in February

American consumer spending made a 0.1 percent gain in February after two consecutive months of 0.2 percent declines, according to the U.S. Department of Commerce.

The increase is small, but not insignificant. Nondurable goods like food and energy increased 0.4 percent last month after three months of declines caused by low gasoline prices. Durable goods dropped 0.1 percent in February due to weak sales in the auto industry.

Income rose 0.4 percent in February, mirroring the same increase from January. Economists hope the income growth will boost consumer spending, which accounts for 70 percent of economic activity, according to USA Today.

The saving rate also increased, rising from 5.5 percent of after-tax income in January to 5.8 percent last month, due to the income increases. The February figure represents the highest saving rate since December 2012.

Read more from USA Today.