Disappointing Retail Sales Add to Concerns About US Outlook
- Value of February retail purchases up 0.2% after January drop
- New York state March factory gauge fell to lowest in a year
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Disappointing retail sales last month added to concerns of a pullback in consumer spending in the US, while a pair of business surveys suggested growing caution.
Retail sales rose by less than forecast in February and the prior month was revised down to mark the biggest drop since July 2021. Combined with separate data Monday showing a dropoff in New York state manufacturing activity and weaker homebuilder sentiment, the reports are consistent with expectations for slower economic growth.