Retail sales in U.S. increase slightly
U.S. retail sales increased less than expected in February as a result of a rise in gasoline prices, which limited spending on other goods, and colder weather, which discouraged shoppers, reported Bloomberg News.
According to the Commerce Department, retail sales, which account for nearly half of all consumer spending, rose 0.1 percent last month after remaining level in January. The figure is slightly less than analysts’ median estimate of 0.3 percent.
Service station sales were among the strongest results with a 1.2 percent increase, primarily from higher gasoline prices. Sales of automobiles and parts also rose 0.9 percent, following a 0.9 percent decrease the month prior.
Meanwhile clothing store sales fell 1.8 percent in February, the biggest decrease since September 2005. Restaurant and bar sales declined 1.2 percent, building materials and garden supplies sales fell by 1.4 percent and furniture sales dropped 1.7 percent.