U.S. retail sales rose 0.2% in February following a downwardly revised 1.2% decline in January, the Census Bureau said Monday. The January decline represented the biggest monthly drop since November 2022.
February’s increase came in below the Dow Jones estimate of 0.6%, CNBC reported. Excluding car sales, the increase was 0.3%, meeting expectations. Sales overall increased 3.1% year-over-year, ahead of the 2.8% inflation rate as measured by the consumer price index.
CNBC reported that the retail sales report comes amid heightened worries over economic growth, particularly in view of the aggressive tariff battle with leading U.S. trading partners. Economists worry that the tariffs will drive up inflation and slow the economy.
“Consumers and businesses are expected to pull back on spending when they’re unable to make informed decisions about the future of the economy and their place within it,” Elizabeth Renter, senior economist at personal finance site NerdWallet, told CNBC.
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