The government's report on consumer spending released this morning was another disappointment. Seasonally adjusted spending increased by just 0.1 percent, falling short of modest expectations of a 0.2 percent jump, following 0.2 percent declines in both December and January.
The opening paragraphs of coverage at Bloomberg News and the Associated Press contrasted sharply. Longtime readers can probably guess which wire tried to portray the news more positively. Predictably, both outlets broke out the bad weather excuse.