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U.S Retail Sales Fall in February Following an Inclement Winter Weather

March 16, 2021 by Forex Winner Leave a Comment

U.S Retail Sales Fall in February Following an Inclement Winter Weather

U.S. retail sales in February declined by 3%, more than expected 0.5% drop, according to the Census Bureau press release. The retail slump follows an upwardly revised 7.6% jump in January and is linked to severe winter weather that swept large parts of the country.

Total retail sales

Eleven of the 13 retail categories registered declines in February, including a 4.2% decrease at motor vehicle dealers.

  • A rise in gasoline prices, partly due to the energy crisis in Texas, supported sales from falling more.
  • Retail sales, excluding autos, declined by 2.7% in February, the most since April.
  • Control group sales, which exclude food services, car dealers, building materials stores, and gasoline stations, fell 3.5% after jumping 8.7% in January.
  • Over the last 3 months, control group sales rose at an annualized 3.5%
  • The fall in retail sales represents a temporary setback in demand that was projected to accelerate in the coming months.
  • Retail spending may also have been subdued by the IRS’s delayed tax filing window, which opened two weeks later than usual, leading to a 32% year-over-year decline in refunds. 
  • Despite the fall, the total retail sales remain above pre-pandemic levels and are set to strengthen into the second quarter as Americans receive stimulus checks.

Retail spending is also likely to be supported by easing of Covid-19 restrictions and acceleration of vaccinations.

U.S stocks and the dollar are currently gaining. SPY is up 0.32%, QQQ is up 1.55%, EURUSD is down 0.16%

Filed Under: Forex News

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