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US Retail Spending Dropped 0.5 Pct. In Feb.

March 18, 2020 / pymnts

As consumer spending started to decelerate prior to COVID-19 containment measures, U.S. retail sales declined last month in the biggest drop in a year. Commerce Department data indicated that the value of overall sales decreased 0.5 percent from the month before following a 0.6 percent rise in January, Bloomberg reported. The median projection in a survey had forecasted an increase of 0.2 percent. Supermarket sales, for their part, dropped 0.1 percent following a decrease of 0.2 percent. Automobile dealer spending declined 0.9 percent. And retail sales, with the exclusion of fuel and automobiles, fell 0.2 percent from the month before in comparison with forecasts for an increase.