WASHINGTON: U.S. retail sales unexpectedly fell in February, the latest sign economic growth has shifted into low gear as stimulus from US$1.5 trillion in tax cuts and increased government spending fades.
Retail sales dropped 0.2 percent as households cut back on purchases of furniture, clothing, food and electronics and appliances, as well as building materials and gardening equipment. Data for January was revised higher to show retail sales increasing 0.7 percent instead of gaining 0.2 percent as previously reported.
The dollar slipped against a basket of currencies after the report. U.S. Treasury prices pared losses.Excluding automobiles, gasoline, building materials and food services, retail sales fell 0.2 percent in February after an upwardly revised 1.7 percent surge in January. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
In February, sales at building materials and garden equipment and supplies dealers tumbled 4.4 percent, the biggest drop since April 2012. Receipts at clothing stores fell 0.4 percent and those at furniture outlets dropped 0.5 percent.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US consumer spending soft, inflation benign as economy slowsU.S. consumer spending barely rose in January and income increased modestly in February, suggesting the economy was fast losing momentum after ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »