American consumers powered through the winter weather lifting retail sales in February. According to the National Retail Federation, February retail sales, which exclude automobiles, gas stations and restaurants, increased 0.2% adjusted month-to-month and 2.3% unadjusted YOY.
“Today’s positive retail sales report indicates that the economy is primed for growth,” NRF President and CEO Matthew Shay said. “Retailers and consumers endured the harsh winter and they’re hoping both the natural and man-made obstacles to growth will leave with the snow. From new overtime mandates to persistent and political posturing on the minimum wage, retailers continue to face serious headwinds placed on them by policymakers in Washington. For the economy to fully recover, the Administration and Congress should quit politicking and focus on growth and job creation.”
February retail sales, released today by the U.S. Census Bureau, which include categories such as automobiles, gasoline stations, and restaurants, increased 0.3% seasonally adjusted month-to-month ($472.2 billion). The Census also reported that retail sales increased 1.5% adjusted year-over-year.
“Despite a long and cold winter, consumers continued to persevere and spend in February,” NRF Chief Economist Jack Kleinhenz said. “This month’s retail sales data is encouraging and above expectations. However neither the jobs nor retail data reflect the fundamental health of the economy. While the weather continues to play tricks on economic forecasts and figures, we expect much-needed clarity come spring as consumers release pent-up demand.”
Additional findings from the report:
• Building material and garden equipment and supplies dealers stores’ sales increased 0.3% seasonally-adjusted month-to-month and 3.2% unadjusted year-over-year.
• Clothing and clothing accessories stores’ sales increased 0.4% seasonally-adjusted month-to-month and 2.4% unadjusted year-over-year.
• Electronics and appliance stores’ sales decreased 0.2% seasonally-adjusted month-to-month and 2.3% unadjusted year-over-year.
• Furniture and home furnishing stores’ sales increased 0.4% seasonally-adjusted month-to-month and unchanged unadjusted year-over-year.
• General merchandise stores’ sales decreased 0.3% seasonally-adjusted month-to-month and 0.9% unadjusted year-over-year.
• Health and personal care stores’ sales increased 1.2% seasonally-adjusted month-to-month and 5.6% unadjusted year-over-year.
• Nonstore retailers’ sales increased 1.2% seasonally-adjusted month-to-month and 6.8% unadjusted year-over-year.
• Sporting goods, hobby, book and music stores’ sales increased 2.5% seasonally-adjusted month-to-month yet decreased 5.3% unadjusted year-over-year.
