Retail sales rose modestly in February, but fell short of forecasts

Retail sales around the U.S. rose a modest 0.2% in February, missing forecasts amid fears that the economy is slowing, new government data shows.

A number of major retailers have warned recently that Americans are paring back on spending. Consumer spending accounts for roughly two-thirds of economic activity. Sales in January was also revised down, according to the figures released Monday.

"Many observers were disappointed in January's retail sales figures, and February's numbers contribute to the 'economic growth is slowing' narrative," Ted Rossman, senior industry analyst with Bankrate, said in an email.