Retail Sales Bounce in February; Furniture Gets Boost

At some point in February, almost every single state had snow on the ground, but that wasn’t enough to keep house-bound consumers from a little shopping therapy.

According to the National Retail Federation, February retail industry sales (excluding automobiles, gas stations, and restaurants) increased 1.0 percent seasonally adjusted over January and 1.7 percent unadjusted year-over-year.

Sales at furniture and home furnishings stores increased 0.7 percent seasonally adjusted over January but decreased 1.9 percent unadjusted year-over-year. Electronics and appliance stores sales rose 3.7 percent seasonally adjusted month-to-month but decreased 0.3 percent unadjusted over last year.

February retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.3 percent seasonally adjusted over January and 4.1 percent unadjusted year-over-year.

“February could be the direct result of cabin fever with consumers eager to get some fresh air and enjoy a day of shopping,” said Rosalind Wells, chief economist for NRF. “We expect sales increases to continue but high unemployment and other economic factors will restrain consumers’ ability to splurge on discretionary items.”
 
Other sectors who had their share of sales increases include clothing and clothing accessory stores whose sales increased 0.6 percent seasonally adjusted month-to-month and 0.5 percent unadjusted year-over-year. Sporting goods, hobby, book and music stores sales increased 1.2 percent seasonally adjusted from January and 3.5 percent unadjusted year-over-year.
 
The National Retail Federation is the world's largest retail trade association, with membership that comprises all retail formats and channels of distribution.