US February retail sales down 3%

US February retail sales down 3%

16/3/2021 9:04:00 PM

US February retail sales down 3%

WASHINGTON: US retail sales fell 3.0% in February, the Commerce Department said on Tuesday, as winter weather forced shoppers to defer purchases. The ...

A man walks past a store in New York City. The seasonally adjusted US retail sales data for February showed the decline from the prior month was much worse than expected. – AFPPIXWASHINGTON:US retail sales fell 3.0% in February, the Commerce Department said on Tuesday, as winter weather forced shoppers to defer purchases.

Kepong MP: Why does PM need three advisers costing RM150,000 a month? | Malay Mail Anwar most qualified to lead opposition - Batu MP Ministry to promote wood carving in govt office premises

The seasonally adjusted data showed the decline from the prior month was much worse than expected and comes as businesses in the world's largest economy look to bounce back this year after struggling in 2020 after the Covid-19 pandemic hurt household spending.

The report showed broad declines across many categories including autos, furniture and electronics, and followed a 7.6% sales jump in January.However, analysts expect spending to accelerate in the months to come, thanks to another round of stimulus cheques of as much as US$1,400 per person and the other aid flooding into the economy from President Joe Biden's US$1.9 trillion aid plan approved last week, and as Covid-19 vaccine campaigns accelerate. headtopics.com

“The key to the recovery is restoring spending on services,“ Diane Swonk of Grant Thornton said on Twitter.“The data also underscore how much we have come to rely of stimulus and emergency aid when the economy suffers setbacks due to the pandemic. The hope is that ... we are close to some kind of a finish line (with) vaccines.”

Petrol stations managed a 3.6% increase from January as oil prices jumped, while food and beverage stores saw flat sales.But declines were seen everywhere else, including department stores, which dropped 8.4%, and sporting goods and hobby stores, which fell 7.5%.

Even non-store retailers, like ecommerce sites that saw decent business even during the worst of the pandemic, fell 5.4%.Ian Shepherdson of Pantheon Macroeconomics said the report captured the impacts of winter storms that disrupted business in the Midwest, particularly Texas, and the US$600 stimulus cheques Congress approved in December, which were likely spent in February.

“The key point here is that these data tell us nothing about how the economy is likely to perform over the next few months,“ Shepherdson said.“We expect the next few months to bring big increases, on the back of the current round of one-time payments – two-and-a-half times bigger than the (previous) cheques – and the reopening of the economy as Covid recedes.” – AFP headtopics.com

Sistem JPJ kuno, kata Menteri Pengangkutan - Utusan Digital Wrong priorities: PM chastised for having three advisors costing RM50k each Embrace Malaysian Family concept as method to preserve dakwah, says minister | Malay Mail Read more: theSun »

1MDB trial: Najib, Jho Low had 'very close' relationship, court told

KUALA LUMPUR: The High Court was told that former prime minister Datuk Seri Najib Razak had never dissociated himself from fugitive businessman Low Taek Jho, or better known as Jho Low, and the two had a 'very, very close' relationship.

US existing-home sales drop 6.6% in FebruaryWASHINGTON: Sales of existing homes in the United States fell 6.6% in February, the National Association of Realtors (NAR) said on Monday, as tighteni...

US personal income declined 7.1pc in February, says govt | Malay MailWASHINGTON, March 26 — US personal income plunged 7.1 per cent in February as the effect of stimulus checks approved late last year faded, the Commerce Department said on Friday. The data was in line with analysts expectations, but nonetheless a significant change from the upwardly revised 10.1...

US industrial production falls 2.2% in February amid winter stormsWASHINGTON: US industrial production fell 2.2% in February, the Federal Reserve said on Tuesday, a worse-than-expected figured caused by winter storms...

US trade deficit jumps 4.8%, hits record high in FebruaryAggressive government intervention, the Federal Reserve's ultra-easy monetary policy have charted robust economic growth. FMTNews US Economy

Sterling rises above US$1.40 for first time since February | Malay MailLONDON, May 10 — The pound broke above the key US$1.40 level for the first time in more than two months today, reaching as high as US$1.40725 in early London trading, despite a win for pro-independence parties in Scottish elections. Pro-independence parties won a majority in Scotland’s...