February retail sales once again delivered a moderate monthly increase, marking the fifth consecutive month of sequential growth, according to the CNBC/NRF Retail Monitor. Healthy year-over-year sales gains were also seen.
“Despite harsh winter weather, consumer spending grew once again in February, supported by continued wage gains and overall low unemployment levels,” NRF President and CEO Matthew Shay said. “This was the fifth consecutive month that sales rose from the month before, and year-over-year gains were strong. With renewed fighting in the Middle East and its impact on global economies, retailers remain heavily focused on delivering products at competitive prices to value-conscious consumers.”
Total retail sales, excluding auto dealers and gas stations, were up 0.28 percent seasonally adjusted month over month and up 6.24 percent unadjusted year-over-year in February, according to the Retail Monitor. That compares with increases of 0.2 percent month over month and 5.72 percent year-over-year in January.
The CNBC/NRF Retail Monitor calculation of core retail sales, excluding restaurants, in addition to auto dealers and gas stations, was up 0.27 percent month over month in February and up 5.87 percent year-over-year. That compares with increases of 0.15 percent month over month and 5.51 percent year-over-year in January.
Total sales were up 6.04 percent year-over-year for the first two months of the year, and core sales were up 5.76 percent.
Unlike survey-based numbers collected by the Census Bureau, the CNBC/NRF Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
February sales were up in all but one of nine categories on a yearly basis, led by clothing stores, health and personal care stores and general merchandise stores, and were up in five categories on a monthly basis. Specifics from key sectors include:
- Clothing and accessories stores were up 0.66 percent month over month, seasonally adjusted, and up 11.05 percent year-over-year unadjusted.
- Health and personal care stores were up 0.5 percent month over month, seasonally adjusted, and up 9.33 percent year-over-year unadjusted.
- General merchandise stores were up 0.27 percent month over month, seasonally adjusted, and up 7.77 percent year-over-year unadjusted.
- Sporting goods, hobby, music and bookstores were down 0.02 percent month over month, seasonally adjusted, but up 6.53 percent year-over-year unadjusted.
- Grocery and beverage stores were up 0.3 percent month over month, seasonally adjusted, and up 4.57 percent year-over-year unadjusted.
- Electronics and appliance stores were down 0.07 percent month over month, seasonally adjusted, but up 4.37 percent year-over-year unadjusted.
- Furniture and home furnishings stores were down 0.27 percent month over month, seasonally adjusted, but up 3.07 percent year-over-year unadjusted.
- Digital products (such as electronic books and games) were up 0.98 percent month over month, seasonally adjusted, and up 2.36 percent year-over-year unadjusted.
- Building and garden supply stores were down 0.25 percent month over month, seasonally adjusted, and down 5.75 percent year-over-year unadjusted.
Image courtesy Mall of America
