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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.
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.
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