Winter Storms Slow US Retail Sales
RAPAPORT... US retail sales faltered in February as winter storms impacted consumers’ ability to shop, the National Retail Federation (NRF) said.
Revenues slipped 3% versus January’s total, with major snowstorms hitting the country’s northeast, and ice storms in the south cutting power in many locations, according to data the US Census Bureau reported Tuesday. Government stimulus checks, increased Covid-19 vaccinations, and reduced restrictions also buoyed January’s figures. However, February sales were up 6% compared to the same month in 2020.
“February’s retail sales numbers are a minor speed bump on the road to post-pandemic recovery, and are not a reflection of consumers’ willingness and ability to spend and drive the economy,” noted NRF CEO Matthew Shay.