Retail sales rebound in February in sign of consumer spending resilience

[BumRushDaShow]

Source: Yahoo! Finance

Updated Thu, Mar 14, 2024, 10:37 AM EDT


Retail sales rebounded in February after seeing their steepest decline in nearly a year during the month prior. Retail sales rose 0.6% in February from the previous month, according to Census Bureau data. Economists had expected a 0.8% increase in spending, according to Bloomberg data. January retail sales previously posted a surprise 1.1% decrease.

"The modest rebound in retail sales in February suggests that consumer spending growth slowed in early 2024," Michael Pearce Oxford Economics deputy chief US Economist. February sales, excluding auto and gas, increased by 0.3%, in line with estimates.

Building materials and garden equipment led the gains by category, rising 2.2%. Sales gained 1.6% at motor vehicle and parts dealers while electronics and appliance stores added 1.5%. The largest decline came in furniture and home furniture stores where sales fell 1.1%.

The check on the consumer comes as the economy has largely remained on solid footing to start 2024. Consensus projections for economic growth in the first quarter have moved higher while the labor market has continued to add more jobs than previously expected.

Read more: https://finance.yahoo.com/news/retail-sales-rebound-in-february-in-sign-of-consumer-spending-resilience-124309447.html

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Link to Census Bureau PRESS RELEASE - Advance Monthly Sales for Retail and Food Services

[IronLionZion]

1. People keep buying stuff

while complaining that prices are high. They must have money to buy it or they would cut back on some purchases. Cars are one money pit that I have no interest in spending a lot on. But I'm an urban liberal with public transit options.

As always, it's the people at the bottom who don't have as much income who get screwed. Lower cost housing areas often require a vehicle because they don't have transit.

Then there are people who buy "scratch and dent" appliances to save money. There is a limited market for used appliances since they don't last as long as they used to.