Wednesday, June 19, 2024

Retail sales growth in the US falls short of expectations for February

Share

Retail sales in the United States experienced slower growth last month than economists had anticipated, according to data from the Department of Commerce. In January, seasonally adjusted retail sales volumes increased by 0.6% month-on-month, reaching 0.7 billion. This figure fell short of economists’ expectations of a 0.8% increase. When excluding automobile sales, retail volumes only rose by 0.3% in January, below the consensus estimate of 0.5%.

Furthermore, the initial estimate of January’s decline in retail sales was revised down from -0.8% to -1.1%. This adjustment indicates a more significant contraction in retail activity than previously thought.

The slower-than-expected growth in retail sales highlights potential challenges in the consumer spending landscape. As the economy continues to navigate through uncertain times, analysts will be closely monitoring future retail sales data to gauge the strength of consumer demand and overall economic recovery.

Read more

Local News