February Retail Sales Increase 4.4 Percent Over Last Year

Source U.S. Census Bureau

Other data on Wednesday showed underlying producer prices increasing solidly in February amid strong gains in the cost of services such as hotel accommodation, airline fares and hospital inpatient care. Nonstore retailer sales are up 10.1% year-over-year as online retailers continue to grow their market share. Economists said consumers boosted spending in the fourth quarter in anticipation of the lower taxes. "We posit that the anticipation of the widely publicized tax cuts pulled forward spending into the fourth quarter of 2017".

By category: furniture sales fell 0.8% from January and rose 3.3% year over year; electronics and appliance sales fell 0.1% from January and rose 4.5% year over year; department store sales fell 0.9% from January and were flat year over year; and apparel sales rose 0.4% from January and 4.9% year over year. The NRF is forecasting 2018 retail sales to grow between 3.8% and 4.4% compared to 2017.

President Trump's tax cuts have failed to spark a spending spree in America, with retail sales unexpectedly lower for the third month in a row in February. Meanwhile, sales rose at stores that sell building materials, on retail websites, and at restaurants and bars. These so-called core retail sales correspond most closely with the consumer spending component of GDP.

Economists estimate the economy is growing at a roughly 2% pace in the first quarter, down slightly from the fourth quarter and below the roughly 3% pace registered in the middle of previous year. The Atlanta Fed slashed its forecast to a 1.9 percent annualised rate from a 2.5 percent pace. The GDP projections for the first quarter of the year are for growth of about 2% on an annual basis.

In a separate report, the Labour Department said a key measure of underlying producer price pressures that excludes food, energy and trade services rose 0.4% in February, matching January's gain.

Tiger Woods returns to world's top 150 after Valspar challenge
Lawrence Donegan joined Monday's Off the Ball to reflect on the performance of Tiger Woods at the Valspar Championship at the weekend.

Met sacks conductor James Levine over 'credible evidence' of abuse
He had another operation that September after falling and damaging a vertebra, an injury that sidelined him until May 2013. He regularly conducted at the Vienna Philharmonic, Berlin Philharmonic, Bayreuth Festival and Salzburg Festival.

Bairstow century seals ODI series
Woakes has set the tone for England throughout the series , taking a wicket in his first two overs in every game. It was the fastest century by a England opener in one-day cricket and the third fastest by any England player.

On the bright side, the core PPI score was up to 2.7 from 2.5 percent in January, which means that consumer inflation may pick up in 2018.

"However, the biggest risk facing consumers is higher inflation, which has the potential to erode purchasing power and keep consumers on the sidelines", Wells Fargo said, but it noted the new numbers prices appear to be in check.

Andrew Hunter, US economist at Capital Economics, said that sales were "subdued..."

Though these numbers seem to suggest that retailers are losing the momentum that carried them through the robust holiday season, the National Retail Federation says look closer.

Related News:



Most liked

UConn, Irish, Louisville are No. 1 seeds
Where does this take us? "(Being a No. 1) is quite an accomplishment for what we've been through all year long". UConn remains the only D1 school to produce the victor of the men's and women's tournaments in the same season.

New Raspberry Pi 3 Model B+ Available Now for Just $35
The Raspberry Pi Foundation has announced a new version of its modular compute platform: the Raspberry Pi 3 Model B +. You can purchase the Raspberry Pi 3 Model B+ (in) directly from the Raspberry Pi Foundation website .

Days Gone Delay Had Nothing To Do With Its Development
Scheduled for release exclusively on the PS4, Days Gone looks like an interesting action game. Ultimately, the game will now be seeing a new window launch date of 2019.

Federal Bureau of Investigation official scorned by Trump may be fired days before retirement
McCabe was not deputy director at the time and was not involved in the Clinton investigation before it was first closed in July 2016.

Arsenal vs AC Milan Predictions, Betting Tips & Match Preview
Cape Town - Arsenal legend Patrick Vieira has admitted he would love to manage the club "someday", but has no intention of replacing under-fire Arsene Wenger at the helm.

Stormy Daniels offers to pay back Donald Trump 'affair hush money'
The letter also says she wants to be able to "use and publish " texts, photos and videos she may have from their relationship. But Clifford says only she and Cohen signed the agreement on October 28, 2016, Cohen on behalf of Essential Consultants.

Craig Mack Dead - 90s Rapper Dies at 46
Last week, Toney spent time with Mack in order to film a documentary that would detail Mack's journey from rap to the church. It was even reported that Mack was part of a odd cult, though we've heard mixed reports on that one.

Apple buys digital magazine subscription service Texture
In a statement published by Apple , the company shared comments from the CEO of Next Issue Media/Texture, John Loughlin. Texture , formerly known as Next Issue Media, was a venture by magazine publishers to compete in the smartphone age.

Unopposed RS polls unlikely as BJP fields its 4th candidate
M P Veerendra Kumar, State President of Janata Dal (United), Sharad Yadav faction, is the candidate of the ruling CPI-M led LDF. Shukla is learnt to have got the approval from Congress President Rahul Gandhi to file his nomination papers from Gujarat.

Cousins to be highest paid QB
And they're expected to bring in Rosen, as well as Mayfield, for pre-draft visits at the Broncos' Dove Valley headquarters. But as one source familiar with the situation texted 9News on Sunday: "Misinformation is worse than no information".

Bangladesh aircraft crashes in Kathmandu
Airline spokesman Kamrul Islam said 33 of the passengers were Nepali, 32 were Bangladeshi, one each from China and the Maldives. A survivor, Nepalese travel agent Basanta Bohora, described from his hospital bed what he experienced.

Jilted Richard Sherman Ready For Revenge With San Francisco 49ers
As things stand, the 49ers have a chance to benefit by signing a contract that at best is a bit over market this year. He arrived in San Francisco and had dinner with Kyle Shanahan and his wife, and defensive coordinator Robert Saleh.

Venus Williams v Serena Williams: Indian Wells third round
Elsewhere in the women's draw there was a surprise defeat for WTA Dubai Duty Free Tennis Championships victor Elina Svitolina . Venus' last defeat of her younger sister was at the Canadian Open in 2014, where she prevailed in a three-set semi-final.

Stokes pleads not guilty, faces August trial
The trial is set for August 6, which effectively rules the all-rounder out of England's Test match against India three days later. Stokes and Hales will also face an European Central Bank disciplinary hearing once the criminal proceedings have concluded.

Nun dies in court during legal battle with Katy Perry over convent
Holzman served the order "with dedication and love for many years", Archbishop Jose Gomez said in a statement . Meanwhile, Sister Rita said: "You have stolen the property of the Sisters of the Immaculate Heart".