Cold February chilled spending

Housing market weaknesses hurt the Deloitte Research Leading Index of Consumer Spending this month, which fell to 3.06 percent. The index comprises four components — tax burden, initial unemployment claims, real wages and real home prices. The company said the coldest February in over a decade helped soften retail spending and construction, which was further aggravated by reduced levels of refinancing. Rising stock prices, however, helped offset the uncertainty in the housing market, Deloitte said.