American consumers cut back spending in February

According to the Department of Commerce, Americans cut back on their spending last month after splurging the month before.

CNN– According to the Department of Commerce, Americans cut back on their spending last month after splurging the month before.

U.S. retail sales fell nearly half a percentage point in Feb. from Jan. and that decline was greater than economists’ expectations.

It comes after a surprisingly strong Jan., which was revised up to 3.3%.

Meanwhile, a key measure of inflation fell dramatically in February.

The Producer Prince Index tracks what America’s producers get paid for their goods and services.

Producer price increases slowed to an annual pace of around 4.5% last month, significantly down from 6% in January.