FILE PHOTO: Shoppers carry bags of purchased merchandise at the King of Prussia Mall, United States’ largest retail shopping space, in King of Prussia, Pennsylvania, U.S., December 8, 2018. REUTERS/Mark Makela/File Photo
March 16, 2022
WASHINGTON (Reuters) – U.S. retail sales rose moderately in February as more expensive gasoline and food forced households to cut back spending on other goods, which could restrain economic growth this quarter.
Retail sales increased 0.3% last month, the Commerce Department said on Wednesday. Data for January was revised higher to show sales surging 4.9% instead of 3.8% as previously reported. Economists polled by Reuters had forecast retail sales slowing to 0.4%, with estimates ranging from as low as a 0.7% decline to as high as a 1.7% increase.
The moderate rise in retail sales came ahead of an expected interest rate increase from the…
