Fall in US retail sales surprises
US retail sales unexpectedly worsened last month in what was the third consecutive month of decline.
The US Census Bureau revealed that total sales were down 0.1% month-on-month when they had been expected to improve 0.3%, while retail sales for January were revised higher to show a smaller decline of 0.1% from the 0.3% reported initially.
Excluding automobiles, retail sales rose 0.2% but this was short of the 0.4% consensus forecast, with a mixed performance across subsectors. Non-store retailers were up 1%, building materials, sporting goods also rose, while sales of motor vehicles and parts were down 0.9%, with gasoline station sales also falling.
The momentum in retail sales has been slowing since December and points to lower consumption spending in the first quarter, said Barclays.