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Spending at US retailers last month was much weaker than expected, in a troubling sign that the American shopper could be starting to tap out.
Retail sales rose 0.2% in February from the prior month, the Commerce Department said Monday, up from January’s downwardly revised 1.2% decline. That was much lower than the 0.7% increase economists projected in a FactSet poll. The figures are adjusted for seasonal swings but not inflation.
Weak consumer spending figures are adding to concerns that the US economy is slowing, and perhaps heading into a recession. Monday’s retail report didn’t ease those fears. Retail sales account for about a third of overall spending in the US.
This story is developing and will be updated.
