U.S. Retail Sales Fall for Third Month

  • 2/5/2023
  • 11:25
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Washington, Jumada II 26, 1439, Mar 14, 2018, SPA -- U.S. retail sales fell for a third consecutive month in February as households reduced purchases of vehicles and other expensive items, the government reported Wednesday, pointing to a slowdown in economic growth in the first quarter. The Commerce Department said retail sales fell 0.1 percent last month, marking the first time since April 2012 that retail sales have declined for three straight months. January data was revised to show sales dropping 0.1 percent instead of the 0.3 percent decline previously reported. Auto sales fell 0.9 percent in February, while purchases at gasoline stations dropped 1.2 percent. Sales at department stores declined 0.9 percent. But spending at online retailers climbed, as did spending at building-materials stores, restaurants, and clothing sellers to offset much of the declines elsewhere. Excluding automobiles, gasoline, building materials, and food services, core retail sales rose 0.1 percent last month after being unchanged in January. Such core retail sales correspond most closely with the consumer spending component of gross domestic product (GDP). Consumer spending, which accounts for more than two-thirds of U.S. economic activity, slowed at the beginning of the year after accelerating at a 3.8 percent annual pace in the fourth quarter of 2017. --SPA 20:03 LOCAL TIME 17:03 GMT www.spa.gov.sa/w641910

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