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Consumer spending shows signs of life in February

March 12, 2009

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Washington--February retail sales showed surprising growth, beating analysts' predictions for the second straight month, according to a release from the National Retail Federation (NRF).

Retail sales for February (excluding automobiles, gas stations and restaurants) increased 0.6 percent seasonally adjusted from January and decreased 5 percent unadjusted over last year, according to the NRF.

Retail industry sales for January were revised, increasing from 0.5 percent to 1.4 percent seasonally adjusted month-to-month.

"While we are seeing some growth in consumer spending, it remains to be seen whether this trend will continue," NRF Chief Economist Rosalind Wells said in a media release. "Given the state of the economy, the NRF is still expecting year-over-year sales declines through the first half of the year with a slight turnaround at the end of 2009."

February retail sales figures, released on Thursday by the U.S. Commerce Department, show that total retail sales (including automobiles, gas stations and restaurants) decreased 12.3 percent unadjusted year-over-year and 0.1 percent seasonally adjusted month-to-month.

While year-over-year comparisons are grim, the monthly sales growth was a nice surprise for retailers, the release states.

Sales at clothing and clothing accessory stores, for example, increased a solid 2.8 percent in February when compared with January, but were down 6.5 percent unadjusted over 2008.

Sales at electronics and appliance stores were up 1.2 percent in February, but down 4.9 percent year-over-year, while furniture and home furnishings retailers saw sales increase 0.7 percent last month, but were down 14.8 percent unadjusted over last year.

Sales at sporting goods, hobby, book and music stores also increased 0.2 percent seasonally adjusted month-to-month, but decreased 4.8 percent unadjusted over last year, according to the NRF.
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