BY LUCIA MUTIKANI
U.S. retail sales unexpectedly fell in February as harsh weather kept consumers from auto showrooms and shopping malls, tempering the outlook for first-quarter growth and a June interest rate increase by the Federal Reserve.
Even accounting for the snowy and cold weather, which blanketed much of the country in late February, there is little doubt that consumer spending has slowed significantly after robust growth in the fourth quarter. Consumer spending accounts for more than two-thirds of U.S. economic activity.
“This report points to a surprisingly bigger weather impact on spending activity than previously thought. The weakness in spending could potentially complicate the case for a mid-year hike by the hawkish members of the Fed,” said Millan Mulraine, deputy chief economist at TD Securities in the New York
The Commerce Department said on Thursday retail sales dropped 0.6 percent as receipts fell in almost all categories, marking the third straight month of declines.
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