Americans spent less last month, partly due to bad weather in parts of the country that kept shoppers away from stores.
Retail sales fell a seasonally adjusted 3% in February from the month before, the U.S. Commerce Department said Tuesday. The decline comes after retail sales soared in January as people spent $600 stimulus checks sent at the end of last year. In fact, the Commerce Department revised its January number upwards to 7.6% from its previously reported rise of 5.3%.
Analysts at JPMorgan Chase had expected retail sales to dip in February after icy weather in Texas knocked out power and forced some stores to temporarily close. The bank said credit and debit card spending fell sharply after the storm in Texas, as well as nearby states, such as Arkansas and Mississippi.