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Financial News: U.S. Retail Sales Unexpectedly Drop 0.5% In February

U.S. Retail Sales Unexpectedly Drop 0.5% In February

03/17/2020 - 08:41:00 (RTTNews)

(RTTNews) - Partly reflecting a steep drop in sales by gas stations, the Commerce Department released a report on Tuesday showing an unexpected decrease in U.S. retail sales in the month of February.

The Commerce Department said retail sales fell by 0.5 percent in February after climbing by an upwardly revised 0.6 percent in January.

The pullback came as a surprise to economists, who had expected retail sales to edge up by 0.2 percent compared to the 0.3 percent increase originally reported for the previous month.

Excluding a decrease in auto sales, retail sales still slid by 0.4 percent in February after rising by an upwardly revised 0.6 percent in January. Ex-auto sales had been expected to tick up by 0.2 percent.

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