U.S. consumer spending falls for second straight month in December

U.S. consumer spending fell for a second straight month in December amid renewed business restrictions to slow the spread of COVID-19 and a temporary expiration of government-funded benefits for millions of unemployed Americans.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, slipped 0.2% last month after dropping 0.7% in November.

Economists polled by Reuters had forecast consumer spending decreasing 0.4% in December.

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