The Commerce Department reported on Friday that consumer spending in the U.S. rose 0.2 percent m-o-m in February, the same pace as in January. Economists had forecast the reading to show a 0.2 percent m-o-m growth.

Meanwhile, consumer income climbed 0.6 percent m-o-m in February, also the same pace as in the previous month. Economists had forecast a 0.4 percent m-o-m increase.

The February advance in personal income primarily reflected gains in compensation of employees and farm proprietors' income.

The personal consumption expenditures (PCE) price index, excluding the volatile categories of food and energy, which is the Fed's preferred inflation measure, rose 0.2 percent m-o-m in February, following a revised 0.2 percent m-o-m advance in the prior month (originally a 0.1 percent m-o-m uptick). Economists had projected the index would rise 0.2 percent m-o-m.

In the 12 months through February, the core PCE increased 1.8 percent, following a revised 1.7 percent growth in the 12 months through January (originally a 1.6 percent increase). Economists had forecast a gain of 1.7 percent y-o-y.