US Feb retail sales tumble unexpectedly

WASHINGTON - US retail sales plunged 0.6 percent in February, the Commerce Department said on Thursday in a report that showed a worried consumer as the economy dramatically slowed.

By (Reuters)

Published: Thu 13 Mar 2008, 7:46 PM

Last updated: Sun 5 Apr 2015, 1:19 PM

Economists were expecting a 0.2 percent rise after an upwardly revised 0.4 percent gain in January, first reported as a 0.3 percent gain. Excluding autos, sales fell 0.2 percent in February, a far weaker reading than the 0.2 percent gain economists had forecast.

Spooked by an economy nearing recession, consumers cut back on a wide range of purchases during the month, including autos, furniture, electronics, building materials, food and gasoline, the report showed.

Excluding gasoline, building materials and autos, spending was flat after a 0.3 percent gain in January.

More news from Business