U.S. retail sales in the month of February again surprised on the upside with a slight decline of 0.1% versus market expectations for a 0.5% drop, the Census Bureau reported yesterday.
Retail sales excluding autos rose 0.7%, compared with expectations of a 0.1% gain.
Sales were especially stronger given significant upward revisions to the January estimates to a 1.8% increase from a 1.0% rise for overall sales, and to a 1.6% gain from a 0.9% jump excluding auto sales.
In line with industry reports, auto sales contracted in February at a pace of 4.3%. Gas stations, however were up 3.4%. Other positives among major categories included a 2.8% gain in clothing and a 1.2% increase in electronics. Furniture sales improved by 0.7%.
Among home-related sales, however, building materials were down 0.2%. Other negatives included food services and drinks, off 0.2%, and food beverages, down 0.7%.
Overall retail ex-autos, building materials, and gas stations rose 0.5%.
Sales excluding motor vehicles and gas also rose 0.5% following a 1.4% increase in January.
— Market News International