US personal spending falls 0.3% in December

US consumer spending dropped more than expected in December to the most since 2009.

Personal spending fell 0.3% last month, more than the 0.2% decline that was expected and compared to November's 0.5% increase.

It came despite a 0.3% rise in personal income in December, which beat analysts' estimates for a 0.2% gain and followed a 0.3% climb.

Falling inflation, dragged by oil prices, boosted disposable income but did little to encourage spending.