February retail sales saw mild gains in February, according to data respectively issued earlier today by the United States Census Bureau of the Department of Commerce and the National Retail Federation (NRF).
Commerce reported that February retail sales, at $722.7 billion, rose 0.2% over January and were up 3.1% annually. From December through February, it reported that retail sales increased 3.8% compared to the same period a year ago.
Retail trade sales increased 0.5% from January to February and were up 3.4% annually, noted Commerce, with food service and drinking places up 3.9%, and non-store retailers, including e-commerce, posting a 6.5% annual gain.
NRF reported that February’s retail sales, which are based on Census data and excludes automobile dealers, gas stations, and restaurants, increased 0.9% seasonally-adjusted, from January to February, and were down 0.2% on an unadjusted basis annually, up against what it called unusually high sales in February 2024. It also noted that core retail sales fell 1.2% annually on a three-month moving average and were also impacted by February 2024.
“Lower-than-expected consumer spending in the first couple of months of the year likely reflected payback for very strong spending in the fourth quarter and weather-related events since then,” NRF Chief Economist Jack Kleinhenz said. “Moreover, these results show that households are apprehensive and carefully navigating lingering inflation and turmoil related to changing economic policies. Regardless of the softer spending, consumer fundamentals remain healthy and intact so far, supported by low unemployment, steady income growth and other household finances. American shoppers will likely continue to spend as long as unemployment remains low and job growth continues.”
