Investing.com - Retail sales in the U.S. rose significantly more-than-expected in February, while core retail sales also beat expectations, official data showed on Wednesday.
In a report, the U.S. Census Bureau said that retail sales rose by a seasonally adjusted 1.1% in February, above expectations for a 0.5% increase. Retail sales rose by 0.2% in January, whose figure was upwardly revised from a 0.1% gain.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, increased by a seasonally adjusted 1% last month, beating expectations for a 0.2% gain. Core sales in January were revised up to a 0.4% gain from a previously reported increase of 0.2%.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.34% to trade at 1.2989.
Meanwhile, U.S. stock future indices trimmed losses to point to a flat open. The Dow Jones Industrial Average futures were little changed, S&P 500 futures pointed to a gain of 0.1%, while the Nasdaq 100 futures pointed to a flat open.
In a report, the U.S. Census Bureau said that retail sales rose by a seasonally adjusted 1.1% in February, above expectations for a 0.5% increase. Retail sales rose by 0.2% in January, whose figure was upwardly revised from a 0.1% gain.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, increased by a seasonally adjusted 1% last month, beating expectations for a 0.2% gain. Core sales in January were revised up to a 0.4% gain from a previously reported increase of 0.2%.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.34% to trade at 1.2989.
Meanwhile, U.S. stock future indices trimmed losses to point to a flat open. The Dow Jones Industrial Average futures were little changed, S&P 500 futures pointed to a gain of 0.1%, while the Nasdaq 100 futures pointed to a flat open.