US retail sales fall in February after hot start to 2023 via IrishTimesBiz
People walk along 5th Avenue in New York. The Commerce Department reported Wednesday that retail sales slipped cooled off somewhat in February after an unexpectedly hot start to the year. Photograph: Spencer Platt/Getty ImagesUS retail sales fell in February as purchases of motor vehicle purchases and other goods slumped, payback after January’s unexpected, outsize increase, but consumer spending continued to show underlying strength.
The US Commerce Department said on Wednesday that retail sales dropped 0.4 per cent last month after a sharp, 3.2 per cent jump in January that smashed economists’ expectations. Retail sales are mostly goods and are not adjusted for inflation. Economists said challenges adjusting the data for shifts in spending patterns at the end and start of the year as well as higher prices were among the factors that had exaggerated January’s retail sales surge.
Separately on Wednesday, new data from the US Bureau of Labour Statistics indicated that producer prices for final goods fell 0.1 per cent in February but remained 4.6 higher than a year previous.
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