So-called retail-control group sales, which are used to calculate GDP and exclude food services, auto dealers, building materials stores and gasoline stations, rose 0.1% (est. up 0.4%) following unchanged. Seven of 13 major retail categories showed declines. The results indicate consumer spending, the biggest part of the economy, is easing after rising at a 3.8 percent annualized pace in the fourth quarter, the fastest in more than a year. Shoppers may be taking a breather following a run-up in borrowing in late 2017, and relatively tepid wage growth is limiting Americans’ purchasing power.
U.S. Retail Sales down by 0.1%
U.S. retail sales unexpectedly fell in February for a third month, adding to signs that consumer spending will cool this quarter from the previous period’s hot pace, according to Commerce Department figures released Wednesday. Overall sales fell 0.1% (est. up 0.3%) after 0.1% decrease in prior month (prev. down 0.3%); Dec. figure revised to down 0.1%. Purchases at automobile dealers fell 0.9%, the second straight month with such a reading.
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