Feb. Retail Sales Up 0.3%

February’s 0.3% rise in retail sales, as reported Wednesday by the Commerce Department, was the largest jump in four months but still short of the 1% analysts had been expecting, Bloomberg News reported.

Because consumer spending accounts for two-thirds of all economic activity and involves nearly every type of cargo, the health of retail sales has a direct impact on many trucking operations.

The February increase brought retail sales to a level of $296.4 billion for the month.

Excluding the volatile vehicle sector, Commerce said sales rose 0.2% in February after a 1.2% gain the month before.

In the fourth quarter, consumers spent at the fastest pace in 3½ years, and many economists were expecting a slowdown early in 2002, CNBC said.

One reason behind the slowdown is that consumers have to pay off vehicles, appliances and other durable goods bought under low-interest financing plans in the fourth quarter of 2001, Bloomberg said. However, tax refunds should give consumers enough extra money to keep sales growing in the months ahead.

During February, sales at motor vehicle and parts dealers rose 0.4%, as did sales at general merchandise outlets.

Furniture and home furnishings stores saw a 1.5% increase, and electronics stores and restaurants each reported a 1.1% gain. However, grocery store sales fell 0.2% and gasoline stations saw no change.

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