Market Updates
Weaker U.S. Retail Sales Bounce In February
Brian Turner
14 Mar, 2024
New York City
Seasonally adjusted retail and food services sales, but not adjusted for prices, increased 0.6% from the previous month and rose 1.5% from a year ago in February.
Despite elevated inflation and rising interest rates, consumer spending is holding up, but consumers are sticking to basic necessities and avoiding discretionary items.
Nonstore retail sales increased 6.4%, and food services and drinking place sales advanced 6.3% from a year ago.
Retail sales in February rose by 0.6% on a monthly basis, and January's monthly sales decline was lowered to 1.1% from the previous estimate of a 0.8% fall.
Total retail sales over the three-month period to February 2024, which covers the critical holiday period, rose 2.1% from the same period a year ago.
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