Individuals pulled again on their spending final month after a surprisingly spendy January.
US retail gross sales fell 0.4% in February from the month earlier than, the Division of Commerce reported on Wednesday.
That decline, which was adjusted for seasonal swings, was larger than economists’ expectations of a 0.3% drop, in line with Refinitiv estimates.
Retail gross sales information, which isn’t adjusted for inflation, had been up 5.4% from the yr prior.
The February information exhibits that customers eased up on spending after a stronger-than-expected begin to 2023. In January, shoppers splurged after a muted vacation season. January retail gross sales rose an upwardly revised 3.3%, in line with information from the Commerce Division’s Census Bureau.
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