Weak U.S. retail sales in February underscore slowing economy GlobeBusiness
. Data for January was revised higher to show retail sales increasing 0.7 per cent instead of gaining 0.2 per cent as previously reported.
The surprise drop in sales in February could partly reflect delays in processing tax refunds in the middle of the month. Tax refunds have also been smaller on average compared to prior years following the revamping of the tax code in January 2018. Cold and wet weather could also have hurt sales. The dollar slipped against a basket of currencies after the report. U.S. Treasury prices pared losses.Excluding automobiles, gasoline, building materials and food services, retail sales fell 0.2 per cent in February after an upwardly revised 1.7 per cent surge in January. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.They were previously reported to have rebounded 1.1 per cent in January.
In February, sales at building materials and garden equipment and supplies dealers tumbled 4.4 per cent, the biggest drop since April 2012. Receipts at clothing stores fell 0.4 per cent and those at furniture outlets dropped 0.5 per cent.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. housing starts fall more than expected in February on weak single-family home buildingHousing starts decreased 8.7 per cent to a seasonally adjusted annual rate of 1.162 million units last month, the Commerce Department said
Read more »
Vancouver’s agreement with Airbnb is weak, but in this digital age, it’s the best we can doVancouver’s agreement with Airbnb is weak, but in this digital age, it’s the best we can do GlobeBC
Read more »
Yield curve inverts further in Canada and U.S. after reports of weak inflation numbers and manufacturing dataThe 10-year Canada yield, which touched its lowest intraday level since June, 2017, at 1.532 per cent, traded 4.4 points further below the yield on the 3-month T-bill
Read more »
U.S. housing starts fall more than expected in February on weak single-family home buildingHousing starts decreased 8.7 per cent to a seasonally adjusted annual rate of 1.162 million units last month, the Commerce Department said
Read more »
U.S. campaign against Huawei is having little impact on sales, top executive saysRotating Chairman Eric Xu said it is unlikely many countries will follow the U.S. in banning Huawei from building 5G networks
Read more »
Huawei defends security record as annual sales top US$100BChinese tech giant Huawei's deputy chairman defended its commitment to security Friday after a stinging British government report added to Western pressure on the company by accusing it of failing to repair dangerous flaws in its telecom technology.
Read more »
Yield curve inverts further in Canada and U.S. after reports of weak inflation numbers and manufacturing dataThe 10-year Canada yield, which touched its lowest intraday level since June, 2017, at 1.532 per cent, traded 4.4 points further below the yield on the 3-month T-bill
Read more »
Liability-driven investing poised to be a game-changer for retail investorsUnlike modern portfolio theory, which focuses on a diversified basket of investments, liability-driven investing aims to match assets in a portfolio to clients’ future needs
Read more »