Consumer Spending Declines After Hot Start to Year

The US economy may be cooling down after a strong start to the year, as evidenced by a decrease in retail sales and a decrease in inflationary pressures last month.

On Wednesday, the Commerce Department reported that spending at retail stores, online, and restaurants decreased by 0.4% in February after seasonal adjustments, the Wall Street Journal reported.

The figure for January was revised upward to a gain of 3.2% from the previous estimate of 3%. It is worth noting that retail sales numbers are not adjusted for inflation.

In February, consumers reduced spending at restaurants, auto dealerships, and department stores, while spending more on essential items at grocery stores and pharmacies. Excluding the often volatile auto sales, overall purchases declined by 0.1%.

"Economy Shows Signs of Cooling After Hot Start to the Year"
READ MORE: https://www.wsj.com/articles/us-economy-retail-sales-february-2023-6b98a40b

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