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Retail sales continue to fall in February
Total retail sales decreased 0.1 percent in February, continuing a three-month decline. While January's sales were revised up from its initial estimate, the month still saw a 0.1 percent decline.
"According to data published by the Census Bureau, retail sales unexpectedly decreased for the third consecutive month in February," said NAFCU Research Assistant Yun Cohen in a NAFCU Macro Data Flash report Wednesday. "Auto and parts sales were a drag again, decreasing for the fourth consecutive month as vehicle sales trended down. Sales at gas stations also declined as gasoline prices dropped."
Cohen said retail sales are expected to rebound as more households receive tax refunds in the coming months.
Core retail sales (excluding light vehicles and gasoline) increased 0.3 percent in February; auto and gas sales declined 1 percent during the month.
Year-over-year growth in retail sales was 4 percent in February, up from 3.9 percent in January. Core retail sales increased 4 percent from a year ago, while auto and gas sales rose 3.9 percent from last year.
Results among the major retail segments were mixed in February. Sporting goods and hobby stores reported a sales increase of 2.2 percent, followed by building material stores (+1.9 percent), nonstore retailers (+1 percent) and apparel stores (+0.4 percent). Sales at gas stations decreased 1.2 percent, followed by auto and parts dealers (-0.9 percent) and furniture stores (-0.8 percent).
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