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16 Mar 2021 | 13:18

US retails sales fall in February amid extreme weather conditions

(Sharecast News) - Americans tightened their belts in February as extreme weather conditions weighed on retails sales. Retail sales dropped 3% las month, according to the Commerce Department, more than had been expected on the Street, partly due to wild weather conditions across much of North America.

The drop comes as Americans spent less on automotive, furniture, electronics, home improvement, healthcare and clothing purchases, while sales at food and beverage stores were unchanged and sales at gas stations were up 3.6%, amid heightened gas prices so far in 2021.

However, a broader economic rebound looked set to pick up steam during the spring as a result of the easing of the Covid-19 restriction and Joe Biden's pandemic relief package.

Last month's drop follows a solid set of numbers in January, upwardly revised from 5.3% to 7.6% and propelled by stimulus payments and the White House's December pandemic-relief package.

Retail sales were also up 6% over the last quarter when compared to the same period a year earlier.
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