Consumer spending rose a mild 0.2% in February

Consumer spending increased a mild 0.2% in February, the government said Friday. Spending, the main engine of the economy, has slowed a bit in 2020 ahead of the coronavirus. Spending is expected to dramatically weaken in the next few months as the economy falls into recession. The government is trying to get funding into the economy to offset some of the destruction of incomes from the coronavirus. Income rose 0.6% in February for the second straight month. The savings rate rose to 8.2% in February from 7.9% in the prior month. Core PCE inflation ticked up to a 1.8% rate from 1.7% in the prior month.