Retail Sales Increase in February

March 13, 2013

Retail sales beat estimates in February as consumers quickly adapted and adjusted their spending in response to an increase in payroll taxes and higher gasoline prices, according to the National Retail Federation. The U.S. Census Bureau today reported retail sales were $421.4 billion seasonally adjusted in February, a 1.1 percent month-to-month increase. January’s increase was revised up to 0.2 percent from an earlier estimate of 0.1 percent.

The home improvement industry also benefited from increased consumer spending: Adjusted estimated sales for building materials and garden supplies retailers were $25.6 billion in February, a 4.5 percent increase over the same period a year ago.

“Retail continues to show its importance to the economy,” NRF President and CEO Matthew Shay said. “That said, our consumer research consistently shows a cautious shopper that is making tough spending decisions based upon economic uncertainties, lower paychecks and higher prices for things such as gas. This is particularly true among those making $50,000 or less a year.

“While retail sales numbers indicate good momentum for the economy, consumers with less earning power may continue to face ongoing pressure and retail sales will encounter further challenges as sequestration takes full effect in March.”

In Category: Headlines

Related: Consumer Spending, National Retail Federation, Retail Sales, U.s. Census Bureau

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