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American consumers are treating the windfall from the plunge in fuel prices judiciously — spending some and saving the rest — signaling the boost to economic growth will be long-lasting.
Purchases adjusted for inflation rose 0.3 percent in January after falling 0.1 percent the prior month, according to Commerce Department data issued Monday in Washington. Another report showed manufacturing expanded at a slower pace in February, limited by a work stoppage at West Coast ports and slower growth abroad.
Receipts at electronics merchants, restaurants, movie theaters and grocery stores were among those benefiting as cheaper gasoline helped household finances. Meanwhile, the improving job market also padded paychecks, giving workers the opportunity to sock away money that can be used down the road to lift spending when fuel prices stabilize.
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