February Retail Sales Grow

Retail sales grew again in February, building off gains from January, according to the CNBC/NRF Retail Monitor.

Total retail sales, excluding automobiles and gasoline, were up 1.06% seasonally adjusted month-over-month and up 6.3% unadjusted year-over-year in February, according to the Retail Monitor. That compared with a decrease of 0.16% month-over-month and an increase of 2.34% year-over-year in January.

The Retail Monitor calculation of core retail sales – excluding restaurants in addition to autos and gas – was up 0.95% month-over-month and up 6.69% year-over-year in February. That compared with a decrease of 0.04% month-over-month and an increase of 3.24% year-over-year in January.

“February retail sales indicate continued momentum from consumers,” said Matthew Shay, NRF president and CEO. “While the future direction of interest rates and inflation remains uncertain, it’s clear that a strong job market and increases in real wages are continuing to support spending.”

This is the fifth month that the Retail Monitor, which was launched in November, has provided data on monthly retail sales. Unlike survey-based numbers collected by the Census Bureau, the 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 retail categories on a yearly basis, led by online sales, sporting goods stores and health and personal care stores, and up across the board on a monthly basis. Specifics from key sectors include:

• Online and other non-store sales were up 0.8% month-over-month seasonally adjusted and up 18.08% year-over-year unadjusted.
• Sporting goods, hobby, music and book stores were up 2.29% month-over-month seasonally adjusted and up 13.67% year-over-year unadjusted.
• Health and personal care stores were up 0.96% month-over-month seasonally adjusted and up 11.18% year-over-year unadjusted.
• Clothing and accessories stores were up 0.51% month-over-month and up 8.05% year-over-year unadjusted.
• Grocery and beverage stores were up 0.99% month-over-month and up 5.29% year-over-year unadjusted.
• General merchandise stores were up 0.67% month-over-month seasonally adjusted and up 3.34% year-over-year unadjusted.
• Building and garden supply stores were up 0.01% month-over-month and up 2.84% year-over-year unadjusted.
• Electronics and appliance stores were up 0.76% month-over-month seasonally adjusted and up 1.12% year-over-year unadjusted.
• Furniture and home furnishings stores were up 0.45% month-over-month seasonally adjusted but down 1.56% year-over-year unadjusted.