Americans' personal income increased at a robust pace in February while their spending rose even faster. Personal income was up a seasonally adjusted 0.5 percent in February following a 0.6 percent gain in January, the Commerce Department reported. Consumer spending jumped 0.7 percent in February after a 0.4 percent rise the previous month.
Meanwhile, demand for labor in the US remains strong. The nation's unemployment rate fell from 4.4 percent in February to 4.2 percent last month. The rate is hovering near a 29-year low.