| Portsmouth Herald National Business News: Consumer spending slows (723 words) |
 | However, consumer spending is likely to slow to a rate of 2 percent to 3 percent in the April-June quarter as the economy slows under the impact of rising interest rates, he said. |
| Consumer spending is closely watched since it accounts for two-thirds of total economic activity. |
| Spending on nondurable goods such as food also fell by 0.6 percent while spending on services rose by 0.9 percent, reflecting in part higher utility bills as colder weather returned in February after the warm January. |
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