Retail Sales fell more than expected as consumers deal with elevated prices, according to the latest data from the Census Bureau.
- M-O-M: Advance estimates of U.S. retail and food services sales fell to $697.9 billion, down 0.4% from last month.
- Y-O-Y: Despite the down month, retail sales are still up 5.4% compared to last year.
Mixed Month. Department stores took the biggest hit in February with a 4.0% drop in February followed by furniture stores (-2.5%), restaurants (-2.2%), and car dealers (-2.0%).
- Online retailers had the best month with sales jumping 1.6% followed by health shops (+0.9%), Grocery stores (+0.6%), and general stores (+0.5%).
A Good Year. Despite the downturn in February, most businesses are in the green compared to last year. Restaurants are still doing the best with sales up 15.3% followed by general stores (+10.5%) and health shops (+8.0%).
- Not everyone is up from last year. Electronic stores are down 2.8%, gas stations are down 1.9%, and car dealers are down 0.8%.
Inflation. With inflation holding strong at 6.0% retail sales, while technically in the green, are actually down 0.6% when adjusted for inflation.