Retail Sales Dip 0.4% In February After Buying Burst In January
March 15, 2023 8:15PM EDT
NEW YORK (AP) — America’s consumers trimmed their spending in February after a buying burst in January, underscoring the volatility of the economic environment.
The government said Wednesday that retail sales slipped 0.4% after jumping a revised 3.2% in January, helped by an increase in auto sales.
Retail sales were down in November and December, the critical holiday period.
The February retail sales figure was dragged down by a 1.8% drop in auto sales as well as declines in restaurants and stores selling furniture and clothing.
Excluding autos, sales slipped 0.1% from January, according to the Commerce Department.
But shoppers spent more online and at electronics stores, health and beauty stores and food retailers, according to the report.