US' retail sales experienced growth in February 2024, following strong performances in January, as per the CNBC-NRF Retail Monitor, backed by Affinity Solutions and released by the National Retail Federation. Total retail sales, excluding automobiles and gasoline, rose by 1.06 per cent seasonally adjusted from the previous month and saw a 6.3 per cent increase year-over-year (YoY) in February. This is an improvement from January's figures, which showed a 0.16 per cent monthly decrease and a 2.34 per cent annual increase.

The report highlighted gains in specific sectors, with online and other non-store sales growing 0.8 per cent month-over-month (MoM) and an impressive 18.08 per cent YoY. Similarly, clothing and accessories stores saw a monthly increase of 0.51 per cent and an annual rise of 8.05 per cent.

Further analysis excluding restaurants, in addition to autos and gas—termed as core retail sales—showed a 0.95 per cent MoM and a 6.69 per cent YoY increase in February. This compares to a slight 0.04 per cent monthly decrease and a 3.24 per cent yearly increase in January, as per the retail monitor.

However, when adjustments are made for the leap year, with February having an additional day, the growth rates moderate. The total adjusted retail sales MoM increase shifts from 1.06 per cent to 0.4 per cent, and core retail sales growth adjusts from 0.95 per cent to 0.27 per cent. Additionally, the unadjusted year-over-year growth rates for total and core retail sales decrease to 2.7 per cent and 2.99 per cent, respectively, from the initial 6.3 per cent and 6.69 per cent. The leap year adjustment also impacted several categories, causing some to show negative growth both MoM and YoY.

“February retail sales indicate continued momentum from consumers,” said NRF president and CEO Matthew Shay. “While the future direction of interest rates and inflation remains uncertain, it’s clear that a strong job market and increases in real wages are continuing to support spending.”

Fibre2Fashion News Desk (DP)

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