(Census Bureau) US retail purchases rose by a modest 0.3% to $658.1 billion in February, compared to a higher 4.9% gain the previous month. The increase in retail sales was lower than the expected 0.4% gain.
The slower increase in retail sales in February happened even as consumers cut their spending in the wake of rising inflation.
The February rise in retail sales reflected a 5.3% increase in spending on gasoline. Excluding gas stations, retail sales were up by 0.2% in February.
Compared to the previous year, retail sales rose by 17.6%. The total retail sales for December 2021 through February 2022 rose by 16.0% from the comparable period of last year.
The retail sales data come ahead of a key Federal Reserve rate decision on Wednesday, with the markets warming up to a possible rate increase, the first since 2018 to curb rising inflation.
SPY is up +1.20%, DXY is down -0.39%.
