U.S. consumer spending fell for the first time in nearly two years in January and the goods trade deficit widened to a record high as businesses front-loaded imports to avoid tariffs, setting up the economy for weak growth or even a contraction this quarter.

Yet data released Friday by the Commerce Department also showed that Americans cut their spending last month 0.2% in January from the previous month, likely in part because of unseasonably cold weather. Still, the drop may raise alarms about whether Americans are growing more cautious amid widespread uncertainty about the economic outlook.

The drop may raise alarms about whether Americans are growing more cautious amid widespread uncertainty about the economic outlook.