US' overall retail spending down, core spending up in February: NRF

Clothing and clothing accessory stores were down 0.8 per cent month over month seasonally adjusted but up 4.1 per cent unadjusted year over year. Online and other non-store sales were up 1.6 per cent month over month seasonally adjusted and up 8.5 per cent unadjusted year over year, NRF said in a press release.

In January, sales were up 2 per cent month over month and up 6.9 per cent year over year. NRF’s numbers were up 6 per cent unadjusted year over year on a three-month moving average as of February.

“February’s retail sales growth is not surprising given the strong growth we saw last month, continuing to reflect consumers’ ability and willingness to spend thoughtfully on household priorities,” NRF president and CEO Matthew Shay said. “While recent volatility in banking and financial markets is adding to economic uncertainty, the underlying fundamentals in the consumer economy remain on solid footing as jobs and wages are growing and inflation is trending down.”

“Sales growth has slowed in recent months, but consumers’ economic health still looks good,” NRF chief economist Jack Kleinhenz said. “February is typically the slowest month of the year, so monthly fluctuations are expected. Sales are higher than last year and that’s due in large part to the strong labour market, which means more income and spending. We are seeing a decent trend for retail sales growth built on the upward revisions to December and January sales.”

The US Census Bureau said overall retail sales in February were down 0.4 per cent from January but up 5.4 per cent year over year. In January, sales were up 3.2 per cent month over month and up 7.7 per cent year over year.

Fibre2Fashion News Desk (KD)