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U.S. consumer spending was unchanged in December, but a jump in savings to a three-year high suggested consumption could rebound in the months ahead.
The Commerce Department said on Monday the unchanged reading in consumer spending followed an upwardly revised 0.5 percent increase in November. Spending on long-lasting manufactured goods such as autos dropped 0.9 percent. Purchases of nondurable goods also declined 0.9 percent.
Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, edging up 0.1 percent in December after a previously reported 0.3 percent gain in November.
When adjusted for inflation, consumer spending edged up 0.1 percent after a 0.4 percent gain in November.
Consumer spending increased 3.4 percent in 2015 after advancing 4.2 percent in 2014.
That data was included in last Friday's fourth-quarter gross domestic product report, which showed consumer spending growth slowed to a 2.2 percent annual rate from the third quarter's brisk 3 percent pace.
Moderate consumer spending, weak export growth and ongoing efforts by businesses to reduce unsold merchandise piled up in warehouses helped restrict economic growth to a 0.7 percent pace in the fourth quarter.
More cutbacks in investment by energy firms struggling with lower oil prices also hurt GDP growth.
The dollar slightly pared losses against a basket of currencies after the data, while U.S. stock index futures were trading lower. Prices for shorter-dated U.S. Treasuries fell.
In December, income rose 0.3 percent after a similar gain in November.
Wages and salaries increased 0.2 percent after shooting up 0.5 percent in November. Income in 2015 was up 4.5 percent, the largest increase since 2012, after rising 4.4 percent in 2014.
Income at the disposal of households after accounting for inflation in 2015 recorded its biggest increase since 2006.
With income outpacing spending in December, savings surged to $753.3 billion, the highest level since December 2012, from $717.8 billion in November.
Higher savings and rising house prices should help to soften the blow to household wealth from a recent stock market sell-off and drive spending in early 2016.
With consumption soft, inflation retreated in December.
A price index for consumer spending slipped 0.1 percent after ticking up 0.1 percent in November. In the 12 months through December, the personal consumption expenditures (PCE) price index, however, rose 0.6 percent after increasing 0.4 percent in November.
That was the largest increase since December 2014. Year-over-year inflation rates are rising as the weak readings during the year drop out of the calculation.
Excluding food and energy, prices were unchanged after rising 0.2 percent in November. The so-called core PCE price index increased 1.4 percent in the 12 months through December after a similar gain in November.
Core PCE is the Federal Reserve's preferred inflation measure and remains well below the U.S. central bank's 2 percent target.