U.S. retail sales fell by the most in more than a year in February and the coronavirus outbreak is expected to depress sales in the months ahead, which could strengthen economists' expectations of a consumer-led recession by the second quarter.
Retail sales dropped 0.5per cent last month, the biggest decline since December 2018. Data for January was revised higher to show retail sales accelerating 0.6per cent instead of rising 0.3per cent as previously reported. Economists polled by Reuters had forecast retail sales climbing 0.2per cent in February.
The coronavirus, which causes an illness called COVID-19, has killed more than 6,600 people and sickened about 174,000 across the world, according to a Reuters tally. It has crippled the transportation, leisure and hospitality industries, as well as the manufacturing sector. Sales at building material stores plunged 1.3per cent, after being boosted in recent months by unseasonably mild temperatures.
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