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- U.S. retail sales unexpectedly drop in February
U.S. retail sales unexpectedly drop in February
The Commerce Department announced on Monday the sales at U.S. retailers fell 0.2 percent m-o-m in February, following a revised 0.7 percent m-o-m gain in January (originally an increase of 0.2 percent m-o-m), as households reduced purchases of furniture, clothing, food and electronics and appliances, as well as building materials and gardening equipment.
Economists had expected total sales would increase 0.3 percent m-o-m in February.
Excluding auto, retail sales decreased 0.4 percent m-o-m in February after a revised 1.4 percent m-o-m climb in the previous month (originally a rise of 0.9 percent m-o-m), missing economists’ forecast for a 0.4 percent m-o-m advance.
Meanwhile, closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, and are used in GDP calculations, fell 0.2 percent m-o-m in February after an upwardly revised 1.7 percent m-o-m surge in January (originally a 1.1 percent m-o-m jump).
In y-o-y terms, the U.S. retail sales rose 2.2 percent in February, decelerating from 2.3 percent the previous month.
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