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February retail sales fall 3% after soaring the month before
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NEW YORK – Americans spent less last month, partly due to bad weather in parts of the country that kept shoppers away from stores.
Retail sales fell a seasonally adjusted 3% in February from the month before, the U.S. Commerce Department said Tuesday. The drop comes after retail sales soared in January as people spent the $600 stimulus checks sent at the end of last year.
In fact, the Commerce Department revised its January number up to 7.6% from it's previously reported rise of 5.3%. Analysts at JPMorgan Chase had expected retail sales to dip in February after icy weather in Texas knocked out power and forced some stores to temporarily close.
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