Consumer spending inches up in February

U.S. consumers ticked up their spending habits in February, a positive sign as the country exits a severe winter.

Consumer spending, which accounts for more than two-thirds of the American economy, and personal incomes both rose by 0.3 percent last month, the Commerce Department said Friday.

Analysts had projected around a 0.3 percent increase in spending. Personal incomes also rose 0.3 percent in January, while spending rose 0.2 percent.

In February, purchases of durable goods like cars, nondurable goods like gas and service sales all rose slightly.

The Commerce Department also said the inflation rate only inched up in February.