The Commerce
Department announced on Thursday that sales at U.S. retailers jumped 0.6 per
cent m-o-m in February, following a downwardly revised 1.1 per cent m-o-m drop
(from -0.8 per cent m-o-m) in January. This marked the strongest monthly increase
in retail sales since September 2023 (+0.8 per cent m-o-m).
Economists had forecast
total sales would rebound 0.8 per cent m-o-m in February.
According to
the report, the February advance in total retail sales was due to gains in 8 of
all 13 retail categories, led by building material and garden equipment and
supplies dealers (+2.2 per cent m-o-m), motor vehicle and parts dealers (+1.6
per cent m-o-m), electronics and appliance stores (+1.5 per cent m-o-m), and gasoline
stations (+0.9 per cent m-o-m). These advances, however, were partly offset by declines
in 4 other categories, led by furniture
and home furnishings stores (-1.1 per cent m-o-m). Sporting goods, hobby, musical instrument, and book stores demonstrated
no change in retail sales last month.
Excluding auto,
retail sales increased 0.3 per cent m-o-m in February after a downwardly revised
0.8 per cent drop m-o-m (from -0.6 per cent m-o-m) in the previous month, being worse than economists’ prediction of a 0.5 per
cent m-o-m gain.
In y-o-y terms,
U.S. retail sales surged 1.5 per cent in February after a downwardly revised flat performance (from +0.6 per
cent) in the previous month.