U.S. retail sales unexpectedly fell in February for a third month, adding to signs that consumer spending will cool this quarter from the previous period’s hot pace, according to Commerce Department figures released Wednesday.
The results indicate consumer spending, the biggest part of the economy, is easing after strong gains in the fourth quarter. Shoppers may be taking a breather following a run-up in borrowing in late 2017, and relatively tepid wage growth is limiting Americans’ purchasing power.
In addition to declines at auto dealers and gas stations, February’s figures reflected lower demand at furniture and home furnishing stores, electronics and appliance vendors, food and beverage sellers and health and personal care stores. General merchandise stores saw a 0.4 percent decline in receipts, the most since May, following a similar advance in January.
On the brighter side, building-material stores reported a 1.9 percent sales gain in February, following a 1.7 percent decline.