At some point in February, almost every single state had snow on the ground, but that wasn’t enough to keep house-bound consumers from a little shopping therapy. According to the National Retail Federation, February retail industry sales (which exclude automobiles, gas stations and restaurants) increased 1.0 percent seasonally adjusted over January and 1.7 percent unadjusted year-over-year.
February retail sales released today by the U.S. Department of Commerce show total retail sales (which include non-general merchandise categories such as autos, gas stations and restaurants) increased 0.3 percent seasonally adjusted over January and 4.1 percent unadjusted year-over-year.
"February could be the direct result of cabin fever, with consumers eager to get some fresh air and enjoy a day of shopping," said Rosalind Wells, chief economist for NRF. "We expect sales increases to continue, but high unemployment and other economic factors will restrain consumers’ ability to splurge on discretionary items."
Sales at furniture and home furnishings stores increased 0.7 percent seasonally adjusted over January but decreased 1.9 percent unadjusted year-over-year. Electronics and appliance stores sales rose 3.7 percent seasonally adjusted month-to-month but decreased 0.3 percent unadjusted over last year.
Other sectors that had their share of sales increases include clothing and clothing accessory stores, whose sales increased 0.6 percent seasonally adjusted month-to-month and 0.5 percent unadjusted year-over-year. Sporting goods, hobby, book and music stores sales increased 1.2 percent seasonally adjusted from January and 3.5 percent unadjusted year-over-year.
Not surprising, sales at food and beverage stores also saw solid increases with sales rising 1.3 percent seasonally adjusted month-to-month and 3.9 percent unadjusted year-over-year.
