Retail sales in the United States fell in February amid further signs of economic weakness. \u00a0<\/p>\n
US retail sales unexpectedly fell in February, the latest sign of weak economic growth as the impact of a temporary stimulus from $1.5 trillion in tax cuts and increased government spending fades.<\/p>\n
Retail sales dropped 0.2% as households cut back on purchases of furniture, clothing, food and electronics and appliances, as well as building materials and gardening equipment.<\/p>\n
The report from the Department of Commerce Monday joins a number of other indicators, including housing starts and manufacturing production, that have left analysts anticipating a sharp slowdown in growth in the first quarter.<\/p>\n
The phenomenon also reflects higher interest rates, slowing global growth, Washington’s trade war with China, and uncertainty over Brexit.<\/p>\n
Notably, last month, the Federal Reserve chose to abruptly end its three-year campaign to tighten monetary policy, abandoning projections for any interest rate hikes this year.<\/p>\n
The dollar slipped against a basket of currencies after the report while US Treasury prices pared losses.<\/p>\n
Currently, growth estimates for the January-March quarter are as low as a 0.8% annualized rate. By way of comparison, the economy grew at a 2.2% rate in the fourth quarter of 2018 after expanding by 3.4% in the July-September period.<\/p>\n
Sales of building materials and garden equipment fell by 4.4%, the biggest drop since 2012. Receipts at clothing stores fell 0.4% and those at furniture outlets dropped 0.5%.<\/p>\n
Sales at food and beverage stores declined by 1.2%, the biggest drop since February 2009, while purchases at electronics and appliances stores fell by 1.3%.<\/p>\n
In more positive news, sales at auto dealerships rebounded 0.7% after declining by 1.9% in January. Online and mail-order retail sales rose 0.9% and purchases at restaurants and bars grew by 0.1%.<\/p>\n","protected":false},"excerpt":{"rendered":"
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