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  • US retail sales took a nosedive in February as harsh winter weather gripped several parts of the country and consumers waited for another round of economic stimulus.

  • Sales tumbled 3% last month, according to data released Tuesday from the Commerce Department.

  • The unusual snow storm that battered the South knocking out power across Texas was largely blamed for the much bigger than expected drop.

  • Sales were down across the board on a month to month basis, with the biggest declines seen in department stores, sporting goods and other recreational outlets.

  • Even online sales took a hit.

  • But economists expect February's weakness to be short lived now that most consumers are getting $1400 checks as part of the $1.9 trillion stimulus package signed last week by President Biden.

  • Add to that the extension of $300 in extra government benefits for the unemployed and the rollout of vaccines.

  • Bank rates Ted Rossman.

  • I do think that soon with more stimulus, more health improvements and warmer weather, I think things will be looking a lot better in March and beyond.

  • Getting consumers out and about is key to any economic rebound since consumer spending powers two thirds of all U.

  • S.

US retail sales took a nosedive in February as harsh winter weather gripped several parts of the country and consumers waited for another round of economic stimulus.

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U.S. February retail sales slammed by winter weather

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    林宜悉 posted on 2021/03/16
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