MW: Retail sales stronger than expected in 1st 2 months of year
U.S. retail sales began the year much stronger than expected, according to Commerce Department figures released Thursday. Retail sales dropped 0.1% in February, better than the 0.4% decline expected by economists surveyed by MarketWatch. January's sales gain was revised much higher, to a 1.8% gain from the 1% increase estimated a month ago. Sales are down 8.6% in the past year and had declined for a record six straight months before January's surprising gain. Auto sales sank 4.3% in February. Excluding autos, retail sales rose 0.7% in February after an upwardly revised 1.6% gain in January. Economists expected sales excluding autos to rise 0.2%.
