U.S. Retail Sales Fall by 0.1% in February
U.S. retail sales fell 0.1% in February the Commerce Department said on Wednesday.
This was compared to a 0.1% drop in the previous month that was revised up from an initial decline of 0.3%.
Economists had forecast a rise of 0.3%.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobiles, gasoline, building materials and food services, rose 0.2% in February, after a 0.1% increase in the previous month. January’s number was revised slightly upwards from an initially flat reading.
The consensus forecast was for a gain of 0.3%.
Core retail sales correspond most closely with the consumer spending component of gross domestic product.