February Electronics Store Sales Fell 3.8% From Year Earlier, 1.3% From January
February sales at electronics and appliance stores were down 3.8 percent year over year and 1.3 percent sequentially from January, said the National Retail Federation Monday. Overall retail sales increased 2.7 percent from February 2018, but fell 0.7 percent from…
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January, said NRF. Wintry weather across much of the U.S., plus the “aftereffects of the erratic stock market” and government shutdown were to blame for the “weaker-than-expected” February results compared with January, it said. “Slower tax refunds this year also likely played a role.” NRF still expects retail sales to “pick up” this year,” with job and wage growth “driving increased consumer spending,” it said. “The consumer will continue to provide direction and strength to the U.S. economy in the months ahead." Despite a decline in the March consumer confidence index after an increase in February, “consumers remain confident that the economy will continue expanding in the near term,” reported the Conference Board last week. “However, the overall trend in confidence has been softening since last summer, pointing to a moderation in economic growth.” Consumer intentions to buy new TV sets increased in March from February, it said. Of the 5,000 U.S. homes Nielsen canvassed through March 14, 13.4 percent plan to buy a new TV in the next six months, it said. That's up from 12.4 percent in February and 12.8 percent in January, but down from 13.6 percent in March 2018, it said.