NRF Chief Economist Remains Positive After Disappointing February
The National Retail Federation (NRF) has reported retail sales for February were down 0.7 percent seasonally adjusted from January to February but were up 2.7 percent in comparison to February 2018. These figures exclude automobile dealers, gas stations, and restaurants.
“The weaker-than-expected February retail sales numbers reflect colder weather and increased precipitation that kept shoppers home but were also skewed downward because of the government’s upward revision in January’s results,” NRF Chief Economist Jack Kleinhenz said. “The aftereffects of the erratic stock market, the government shutdown and slower tax refunds this year also likely played a role."
Though there were a few categories that saw relatively substantial gains, electronics and appliances stores were down both year-over-year (3.8%) and month-over-month seasonally adjusted (1.3%).