U.S. Retail Sales Growth Slightly Exceeds Estimates In February
(RTTNews) - Retail sales in the U.S. increased by slightly more than expected in the month of February, the Commerce Department revealed in a report released on Wednesday.
The Commerce Department said retail sales climbed by 0.6 percent in February after edging down by a revised 0.1 percent in January.
Economists had expected retail sales to rise by 0.5 percent compared to the 0.2 percent dip originally reported for the previous month.
"Retail activity rebounded in February as more seasonable weather brought consumers back to stores and auto showrooms after January's cold-weather slump," said Nationwide Financial Market Economist Vivian Chen.
She added, "Despite sluggish employment growth, continued wealth gains from higher equity prices boosted spending by high-income households, indicating that consumers are entering this period of geopolitical stress from a relatively solid position."
The slightly stronger than expected retail sales growth partly reflected rebound in sales by motor vehicle and parts dealers, which shot up by 1.2 percent in February after falling by 0.7 percent in January.
However, excluding the jump in auto sales, retail sales still grew by 0.5 percent in February after coming in unchanged in January. Ex-auto sales were expected to increase by 0.3 percent.
The report showed sharp increases in sales by department stores, health and personal care stores, and clothing and accessories stores.
Meanwhile, sales by grocery stores and furniture and home furnishings stores saw notable decreases during the month.
The report said core retail sales, which exclude automobiles, gasoline, building materials and food services, climbed by 0.5 percent in February after rising by 0.2 percent in January.
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