U.S. consumers cut back sharply on spending in January
The figures from the U.S. Commerce Department come ahead of the Fed's rate decision on Wednesday
The report arrives ahead of the holiday shopping season, a critically important time for retailers
The figures reflect a slowdown in consumers' willingness to spend after a blowout summer
Wage demands could moderate with economy in “middling phase”
Many Americans are digging into their savings to maintain the same level of spending
Oxford Economics expects 0.5% Q2 growth, on annualized basis, in U.S. economy
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