February Retail Sales Increase 4.4% Over Last Year

Washington, D.C. – February retail sales increased 0.3% seasonally adjusted over January and 4.4% year-over-year as the economy continued to grow, according to data from the National Retail Federation (NRF).

“Consumers are still in the driver’s seat,” said Jack Kleinhenz, NRF chief economist. “Month-to-month comparisons don’t tell the whole story because of seasonal adjustment factors, but the three-month moving average and other year-over-year numbers are better indicators that reflect how sales are really increasing. It’s still too early to draw conclusions about the impact of tax cuts but extra money in shoppers’ pockets should help as the year goes forward. With consumer confidence and employment growing, economic fundamentals are favorable for spending to expand in the coming months.”