Americans kept up retail spending in February but at a slower pace than the prior month, as they faced high inflation and rising gasoline prices related to Russia’s invasion of Ukraine.
Retail sales rose a seasonally adjusted 0.3% in February compared with January, the Commerce Department said Wednesday, a slowdown from January’s revised 4.9% monthly increase. Retail sales figures aren’t adjusted for inflation.
Sales of autos and auto parts were up 0.8% and sales at gasoline stations rose 5.3%.
The booming labor market, which produced nearly 1.2 million jobs in the first two months of the year while boosting wages, has propped up consumers’ spending power, economists say. Likewise, many households are still sitting on a pile of savings thanks to government stimulus programs that have allowed them to absorb higher prices for now.
The Federal…
