March 3, 2014 -- 9:23 a.m. EST -- WASHINGTON (Reuters) -- U.S. consumer spending rose more than expected in January as outlays on services recorded their largest increase since late 2001, likely driven by demand for heating.
The Commerce Department said on Monday consumer spending increased 0.4 percent after advancing by a revised 0.1 percent in December. Spending was previously reported to have gained 0.4 percent in December.
Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, edging up 0.1 percent in January.
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