U.S. retail sales fell more than expected moderately in February amid bitterly cold weather across the country, but a rebound is likely as the government disburses another round of pandemic relief money to mostly lower- and middle-income households.
Retail sales dropped by a seasonally adjusted 3.0per cent last month, the Commerce Department said on Tuesday. Data for January was revised up to show sales rebounding 7.6per cent instead of 5.3per cent as previously reported. Economists polled by Reuters had forecast retail dropping 0.5per cent in February.Unseasonably cold weather gripped the country in February, with deadly snow storms lashing Texas and other parts of the South region.
Still, last month's drop in core retail sales left the bulk of January's gain intact, and the decline was probably temporary. President Joe Biden last week signed his US$1.9 trillion rescue package into law, which will send additional US$1,400 checks to households as well as extend a government-funded US$300 weekly unemployment supplement through Sept. 6.
"After that, the record amount of 'excess' savings should provide ample support to fund consumption as the public health situation improves and restrictions on activities are eased."
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