WASHINGTON (Dow Jones) — U.S. retailers posted a sales slump in February. Total sales fell 0.4 percent from the previous month. Economists polled by Dow Jones Newswires had expected a fall of this magnitude. As the US Department of Commerce further reported, sales excluding vehicles fell by 0.1 percent compared to the previous month. Economists had expected stagnation in this category.
For January, the ministry announced a revised increase of 3.2 (preliminary: 3.0) percent for the overall rate. The growth ex motor vehicles was revised to 2.4 (preliminary: 2.3) percent.
The retail data are considered an important indicator of consumer spending by US consumers, who play a key role in the US economy with a share of around 70 percent of gross domestic product.
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(END) Dow Jones Newswires
March 15, 2023 08:37 ET (12:37 GMT)