Americans pulled back on their spending in January, even as their incomes surged, a sign the economy was growing modestly before the threat of coronavirus arose.

The Commerce Department said Friday that consumer spending increased 0.2% last month, down from 0.4% in December and the smallest gain since October.

Incomes, however, rose 0.6%, the biggest rise in nearly a year, spurred by bigger paychecks and an increase in Social Security benefits stemming from a cost of living adjustment.



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