America’s consumers trimmed their spending in February after a buying burst in January, underscoring the volatility of the economic environment.
The government said Wednesday that retail sales slipped 0.4% after jumping a revised 3.2% in January, helped by an increase in auto sales. Retail sales were down in November and December, the critical holiday period.
Sales at furniture stores fell 2.5%, while business at restaurants declined 2.2% in February from January. Sales at department stores slid 4%. But shoppers spent more online and at electronics stores, health and beauty stores and food retailers, according to the report.in February, fewer than January’s huge gain. But they are grappling with still high prices on almost everything.
“As the labor market softens in response to restrictive monetary policy, consumer attitudes are likely to turn more cautious over time,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics, a forecasting firm.
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