The U.S. Commerce Department released personal spending and income figures on Monday. Personal spending decreased 0.2% in January, after a 0.3% fall in December.

Consumer spending makes more than two-thirds of U.S. economic activity.

The decline was driven by lower gasoline prices.

Personal income climbed 0.3% in January, after a 0.3% rise in December.

The personal consumption expenditures (PCE) price index excluding food and energy rose 0.1% in January, in line with expectations, after a flat reading in December.

On a yearly basis, the PCE price index excluding food and index rose 1.3% in January, after a 1.3% increase in December.

The PCE index are below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.