Hardware Retailing The Industry's Source for Insights and Information
February retail sales, which exclude automobiles, gas stations and restaurants, increased 0.2 percent adjusted month-to-month, according to the National Retail Federation.
In the home improvement industry, building material and garden equipment and supplies dealers stores’ sales increased 0.3 percent seasonally-adjusted month-to-month.
“The positive retail sales report for February indicates that the economy is primed for growth,” NRF President and CEO Matthew Shay said. “Retailers and consumers endured the harsh winter and they’re hoping both the natural and man-made obstacles to growth will leave with the snow.”
February retail sales, recently released by the U.S. Census Bureau, increased 0.3 percent seasonally adjusted month-to-month ($472.2 billion). The Census also reported that retail sales increased 1.5 percent adjusted year-over-year.
“Despite a long and cold winter, consumers continued to persevere and spend in February,” NRF Chief Economist Jack Kleinhenz said. “This month’s retail sales data is encouraging and above expectations. However neither the jobs nor retail data reflect the fundamental health of the economy. While the weather continues to play tricks on economic forecasts and figures, we expect much-needed clarity come spring as consumers release pent-up demand.”
