Retail Sales Rebound in February; Up 0.2 Percent - Consumer Spending is Thawing Out from Winter
By Mel Fabrikant Friday, March 14 2014 @ 11:14 AM EDT
American consumers powered through the winter weather lifting retail sales in February. According to the National Retail Federation – the world's largest retail trade association – February retail sales, which exclude automobiles, gas stations and restaurants, increased 0.2 percent adjusted month-to-month and 2.3 percent unadjusted year-over-year.
“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 percent seasonally adjusted month-to-month ($472.2 billion). The Census also reported that retail sales increased 1.5 percent 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 NRF findings from the February retail sales report include:
• Building material and garden equipment and supplies dealers stores’ sales increased 0.3 percent seasonally-adjusted month-to-month and 3.2 percent unadjusted year-over-year.
• Clothing and clothing accessories stores' sales increased 0.4 percent seasonally-adjusted month-to-month and 2.4 percent unadjusted year-over-year.
• Electronics and appliance stores’ sales decreased 0.2 percent seasonally-adjusted month-to-month and 2.3 percent unadjusted year-over-year.
• Furniture and home furnishing stores’ sales increased 0.4 percent seasonally-adjusted month-to-month and unchanged unadjusted year-over-year.
• General merchandise stores’ sales decreased 0.3 percent seasonally-adjusted month-to-month and 0.9 percent unadjusted year-over-year.
• Health and personal care stores’ sales increased 1.2 percent seasonally-adjusted month-to-month and 5.6 percent unadjusted year-over-year.
• Nonstore retailers’ sales increased 1.2 percent seasonally-adjusted month-to-month and 6.8 percent unadjusted year-over-year.
• Sporting goods, hobby, book and music stores’ sales increased 2.5 percent seasonally-adjusted month-to-month yet decreased 5.3 percent unadjusted year-over-year.
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation. www.nrf.com