Investing.com - Retail sales in the U.S. fell for the second straight month in February, underlining concerns over the economic outlook, official data showed on Tuesday.
In a report, the U.S. Commerce Department said that retail sales decreased by a seasonally adjusted 0.1% last month, better than expectations for a decline of 0.2%. Retail sales for January were revised to a decline of 0.4% from a previously reported gain of 0.2%.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, declined by a seasonally adjusted 0.1% in February, compared to forecasts for a fall of 0.2%. Core sales in January decreased 0.4%, whose figure was revised from a previously reported gain of 0.1%.
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.
EUR/USD was trading at 1.1113 from around 1.1109 ahead of the release of the data, GBP/USD was at 1.4167 from 1.4170 earlier, while USD/JPY was at 112.71 from 112.89 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 96.60, compared to 96.63 ahead of the report.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures pointed to a decline of 0.5%, the S&P 500 futures ticked down 0.6%, while the Nasdaq 100 futures slumped 0.4%.
Elsewhere, in the commodities market, gold futures traded at $1,232.90 a troy ounce, compared to $1,233.40 ahead of the data, while crude oil traded at $36.19 a barrel from $36.30 earlier.