Feb US retail sales recovery shows underlying strength in economy: NRF
18 Mar 24 2 min read
Insights
- Census data shows US retail sales expanded in February after a strong but flat January, National Retail Federation chief economist Jack Kleinhenz said.
- This reflects the consumer is still spending and points to underlying strength in the economy, he said.
- The economy is continuing to expand in Q1 2024 despite tight credit conditions and high inflation.
“Retail sales rebounded in a solid fashion in February, showing the consumer is still spending and pointing to underlying strength in the economy,” Kleinhenz said in a release.
“These results indicate that the economy is continuing to expand in the first quarter despite tight credit conditions and still-elevated inflation. Jobs gains, wage increases, and continued GDP [gross domestic product] growth are supporting household spending. Spending on services remains elevated while spending on goods has softened, but both sectors are still growing,” he noted.
Overall seasonally-adjusted retail sales in February were up by 0.6 per cent from January and up by 1.5 per cent unadjusted year on year (YoY). That compared with a 1.1-per cent month-on-month (MoM) decrease and no YoY change in January.
- NRF calls on US Fed to lower debit card swipe fees
- US inflation expectations rise for short & long-term horizons
- Turkiye introduces new measures to tackle inflation: Finance minister
- US retail sales steady in April 2024: Census Bureau
- Revenue of British fashion house Burberry at $3.73 bn in FY24
- Inflation in Bangladesh drops slightly to 9.74% in Apr; non-food 9.34%
February’s core retail sales as defined by NRF—based on the census data but excluding automobile dealers, gasoline stations and restaurants—were up by 0.2 per cent seasonally adjusted from January and up by 5.5 per cent unadjusted YoY. Core retail sales were up by 3.5 per cent unadjusted YoY on a three-month moving average as of February.
Fibre2Fashion News Desk (DS)
Popular News
|
Euro area seasonally-adjusted Mar unemployment rate 6.5%; 6% for EU |
|
ICE cotton faces heavy selling; prices drop despite positive factors |
|
Drewry's World Container Index up 16%, Red Sea crisis raises freight |
|
ICE cotton resilient amid market uncertainties; eyes on key reports |
|
US textiles & clothing imports surge by volume in Jan-Mar 2024 |
|
UK invites new options for transporting carbon dioxide sans pipelines |