“Retail sales rebounded in a solid fashion in February, showing the consumer is still spending and pointing to underlying strength in the economy,” Kleinhenz said in a release.
Census data shows US retail sales expanded in February after a strong but flat January, National Retail Federation chief economist Jack Kleinhenz said.
This reflects the consumer is still spending and points to underlying strength in the economy, he said.
The economy is continuing to expand in Q1 2024 despite tight credit conditions and high inflation.
“These results indicate that the economy is continuing to expand in the first quarter despite tight credit conditions and still-elevated inflation. Jobs gains, wage increases, and continued GDP [gross domestic product] growth are supporting household spending. Spending on services remains elevated while spending on goods has softened, but both sectors are still growing,” he noted.
Overall seasonally-adjusted retail sales in February were up by 0.6 per cent from January and up by 1.5 per cent unadjusted year on year (YoY). That compared with a 1.1-per cent month-on-month (MoM) decrease and no YoY change in January.
February’s core retail sales as defined by NRF—based on the census data but excluding automobile dealers, gasoline stations and restaurants—were up by 0.2 per cent seasonally adjusted from January and up by 5.5 per cent unadjusted YoY. Core retail sales were up by 3.5 per cent unadjusted YoY on a three-month moving average as of February.
Fibre2Fashion News Desk (DS)
