US retail sales fall at slower pace than forecast in Feb

According to data released by the US Commerce Department, US retail sales fell at a slower pace than economists’ expectations in February, declining by 0.1% compared with Reuters estimates calling for a decrease of 0.2% for the month. Meanwhile, the January retail sales figure was revised down to a 0.4% drop from an initially reported increase of 0.2%.

The decrease was led by lower automobile purchases and a decrease in sales at gas stations. Auto sales declined 0.2% while sales at gas stations posted a larger decrease of 4.4% in February.

Some economists commented that consumers remain cautious and hesitant to spend despite improving employment and wage increases.