Early estimates of February retail sales came in better than expected, with sales by sporting goods, hobby, book and music stores’ leading the way in growth over January, but falling the most when measure against year ago levels, according to advance estimates by the U.S. Census Bureau…


The estimates, which are the earliest released by the government and adjusted for seasonal variations, estimate that sales by such stores reached $7.37 billion in February, up 2.5 percent from $7.19 billion in January, but down 5.3 percent from $7.77 billion in February of 2013. By comparison:



  • Clothing and clothing accessories stores' sales increased 0.4 percent seasonally-adjusted month-to-month and 2.4 percent unadjusted year-over-year.
  • General merchandise stores’ sales decreased 0.3 percent seasonally-adjusted month-to-month and 0.9 percent unadjusted year-over-year.
  • Nonstore retailers, which include online, catalogue and mail order stores, sales increased 1.2 percent seasonally-adjusted month-to-month and 6.8 percent unadjusted year-over-year.


The National Retail Federation estimated that February retail sales, which exclude automobiles, gas stations and restaurants, increased 0.2 percent adjusted month-to-month and 2.3 percent unadjusted year-over-year.


 

“Today’s positive retail sales report indicates that the economy is primed for growth,” NRF President and CEO Matthew Shay said. “Retailers and consumers endured the harsh winter and they’re hoping both the natural and man-made obstacles to growth will leave with the snow.”

 

 

“Despite a long and cold winter, consumers continued to persevere and spend in February,” NRF Chief Economist Jack Kleinhenz said. “This month’s retail sales data is encouraging and above expectations. However neither the jobs nor retail data reflect the fundamental health of the economy. While the weather continues to play tricks on economic forecasts and figures, we expect much-needed clarity come spring as consumers release pent-up demand.”