WASHINGTON - Retail sales increased 0.3% in February led by strong gains in electronics and appliance sales, the Commerce Department reported today.
Excluding motor vehicles and parts, retail sales increased 0.8%, well above economists’ estimates and the largest gain since November. Auto dealers reported a 2.0% drop for the month.
Economists polled by Thomson Reuters had expected retail sales to decline 0.2% for the month and for sales excluding autos to increase 0.1%, according to the median estimate from Thomson Reuters. Retail sales for January were revised lower to a 0.1% increase from the 0.5% gain initially reported.
Electronics and appliance store sales increased 3.7% in February, the largest increase since January 2009. Food services and drinking places reported a 0.9% increase in sales for the month, the largest gain since April 2008.
General merchandise store sales increased 1.0% for the month.
