Consumer Behavior

Retail spending ebbs amidst inflation, high gas cost

Photo by istock.com

March 16, 2022

Consumers were spending in February but not quite at the pace of January, according to the Commerce Department.

Retail sales increased 0.3% in February, a bit of a dip from January's 4.9%. Top drivers were new jobs created and higher wages, according to a Wall Street Journal report.

There was also more business activity in February, likely due to the drop in COVID-19 cases and consumers feeling more comfortable dining out and shopping in physical retail stores.