US consumers cut spending in January more drastically than at any point in the last four years

News Snapshot:

WASHINGTON (AP) — U.S. consumers cut back drastically on spending last month, the most since February 2021, even as inflation declined, though stiff tariffs threatened by the White House could disrupt that progress. Americans cut their spending by 0.2% in January from the previous month, the Commerce Department said Friday, possibly because of unseasonably cold weather. Yet the retreat may be hinting at more caution by Americans amid rising economic uncertainty. Inflation declined to 2.5% in January compared with a year earlier, down from 2.6% in December, the government said. Excluding the volatile food and energy categories, core prices dropped...