Retail sales amount to $658.1B, up 0.3% from month ago
US retail sales slightly increased from a month ago in February, according to figures released by the Commerce Department on Wednesday.
Retail sales amounted to $658.1 billion, a 0.3% rise from January’s revised figure of $656.1 billion.
The figure was in line with the market expectation which was a 0.4 hike, while the surge in January data was revised further up to 4.9% from 3.8%.
On an annual basis, retail sales jumped 17.6%, according to the Commerce Department.
“Gasoline stations were up 36.4% from February 2021,while food services and drinking places were up 33.0% percent from last year,” it said.
The slowdown in retail sales growth suggests that consumer demand was lower in the US due to the high inflation rate.
Annual consumer inflation in the US rose 7.9% in February, marking the largest 12-month increase since January 1982.