Feb. Retail Sales Up 0.7%
Retail sales beat February estimates as consumers adjusted their spending in response to an increase in payroll taxes and higher gasoline prices, according to the National Retail Federation (NRF).
February retail sales -- excluding automobiles, gas stations and restaurants -- increased 0.7 percent seasonally adjusted from January and increased 0.5 percent unadjusted year-over-year.
“Retail continues to show its importance to the economy,” said Matthew Shay, NRF president and CEO. “That said, our consumer research consistently shows a cautious shopper that is making tough spending decisions based upon economic uncertainties, lower paychecks and higher prices for things such as gas."
"This is particularly true among those making $50,000 or less a year,” Shay continued. “While retail sales numbers indicate good momentum for the economy, consumers with less earning power may continue to face ongoing pressure and retail sales will encounter further challenges as sequestration takes full effect in March.”
http://www.progressivegrocer.com/top-stories/headlines/consumer-insights/id37572/feb-retail-sales-up-0-7-/?cid=homepage
