Investing.com - U.S. consumer spending was flat in December, while personal income topped expectations, official data showed on Monday.
In a report, the Commerce Department said that personal spending was flat last month, missing forecasts for a gain of 0.1%. Personal spending for November was revised up to 0.5% from a previously reported rise of 0.3%.
Consumer spending is the single biggest source of U.S. economic growth, accounting for as much as two-thirds of economic activity.
Personal income, meanwhile, rose by a seasonally adjusted 0.3%, above forecasts for a 0.2% gain and after rising 0.3% a month earlier.
Meanwhile, the core PCE price index was flat last month, below expectations for a gain of 0.1% and after rising 0.2% in November. The core PCE price index rose at an annualized rate of 1.4%, matching estimates and unchanged from a month earlier.
The Federal Reserve uses core PCE as a tool to help determine whether to raise or lower interest rates, with the aim of keeping inflation at a rate of 2% or below.
EUR/USD was trading at 1.0877 from around 1.0881 ahead of the release of the data, GBP/USD was at 1.4295 from 1.4299 earlier, while USD/JPY was at 121.30 from 121.25 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 99.34, compared to 99.30 ahead of the report.
Meanwhile, U.S. stock futures pointed to a lower open. The blue-chip Dow futures shed 110 points, or 0.67%, the S&P 500 futures dipped 14 points, or 0.71%, while the tech-heavy Nasdaq 100 futures fell 25 points, or 0.58%.
Elsewhere, in the commodities market, gold futures traded at $1,120.70 a troy ounce, compared to $1,122.20 ahead of the data, while crude oil traded at $32.12 a barrel from $32.33 earlier.