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Consumer spend moderate in February but outlook is bright

Consumers didn’t spend crazy in February, but going forward they are likely to loosen the purse strings.

March 16, 2016

Consumers didn't spend crazy in February, but going forward they are likely to loosen the purse strings.

A new National Retail Federation report reveals retail sales increased 0.1 percent from January, just as sales did in January.

Retail consumer activity, on a yearly comparison, bodes a bit healthy with increased sales in home-related segments such as furnishing and building supplies.

"While spending moderately, consumers are navigating through the heavy fog of market turbulence experienced earlier this year," NRF Chief Economist Jack Kleinhenz said in an announcement. "Looking at the bottom line, consumer spending is on track to rise, which is good news for the economy."

The NRF is forecasting retail sales to increase 3.1 percent in 2016.