Retail sales rebounded in February amid higher gas prices
CNN
Spending at US retailers rebounded last month as Americans shelled out more for gasoline.
Spending at US retailers rebounded last month as Americans shelled out more for gasoline. Retail sales at stores, online and in restaurants rose 0.6% in February from the prior month, up from January’s revised 1.1% decline, the Commerce Department reported Thursday. That was slightly below economists’ expectations. The figures are adjusted for seasonal swings but not inflation. January’s sharp decline was mostly attributed to the cold weather keeping consumers hunkered down at home. The broader US economy remains on strong footing, with employers continuing to hire and Americans still raking in strong wage gains. Retail spending has increased in seven of the past 10 months through February. Sales were up across most categories last month, rising the most at home improvement stores, by a solid 2.2%. In February, car sales climbed 1.8%, purchases of electronics and appliances increased 1.5% and sales at restaurants rose 0.4%. Gas station sales increased 0.9% in February from January. Meanwhile, furniture sales dropped last month, falling 1.1% from January. Sales at grocery stores, clothing retailers and online were also down in February.
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