March 17 (UPI) — American consumers spent less than they were expected to do last month, even as sales still grew solidly despite recent domestic economic concerns. The U.S. Census Bureau reported Monday that February retail sales hit $722.7 billion, up 0.2% from January.
That was above the expected decline of 1.2% but still under the Dow Jones estimate for a 0.6% rise, as per the advanced reading Monday from the United States Commerce Department.
The report added that with a subtraction of automotive sales, the increase was 0.3%. Sales numbers were adjusted for seasonal factors but not for inflation.
Prices rose 0.2% February, an indication that spending was nearly on pace with inflation.
Sales numbers for February saw a boost from electronic spending, with online retailers reporting a 2.4%, while health and personal care reported a 1.7% gain and food and beverage outlets announced a 0.4% rise.
There was an increase in overall sales of 3.1% on a year-over-year basis, which was better than the 2.8% inflation rate measured by the consumer price index.
On the other hand, restaurants and bars saw a 1.5% decrease, and gas stations were down 1% related to dropping fuel prices. The February report was worse than expected overall, as it was a sharp revision from the 0.9% reported in January.