American consumers powered through the winter weather lifting retail sales in February, increasing 0.2 percent adjusted month-to-month and 2.3 percent unadjusted year-over-year, according to the National Retail Federation (NRF).
“Today’s positive retail sales report indicates that the economy is primed for growth,” said Matthew Shay, NRF president and CEO. Retail sales exclude automobiles, gas stations and restaurants. “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 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 Bureau 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,” said Jack Kleinhenz, NRF chief economist. “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:
- 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 furnishings stores’ sales increased 0.4 percent seasonally adjusted month-to-month and unchanged unadjusted year-over-year.
- 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.
- 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.
- 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.
Not surprisingly, non-store retailers (online-only retailers) saw sales increase 1.2 percent seasonally adjusted month-to-month and 6.8 percent unadjusted year-over-year.
