reduced their spending in February on furniture, gadgets, and other household items due to rising for gasoline, food, and shelter taking a larger portion of their pockets, a report said.
Retail sales increased by 0.3% following the revised 4.9%from December to January, driven by increases in wages, solid hiring, and increased money in bank accounts, as per the Commerce Department. January’s was the largest increase in spending since last March, the month households received their final federal stimulus check of $1,400.
Furniture and home furnishing stores’ retail numbers fell 1% in February. Sales atand stores dropped 0.6%. General merchandise stores’ business fell 0.2%, while online sales dropped 3.7%. sales grew 2.5% as customers shift their spending towards as COVID-19 recedes.
National Retail Federation has predicted that theof . retail sales this year will be slowing between 6% and 8%, down from the previous record-breaking 14% annual rate for 2021.
Many retailers are preparing for how the war could add to supply issues, with news already telling of limited supplies of vegetable oils, wheat, and electronic components such as chips, which will probably pushup. Alongside Russia’s invasion of Ukraine, increasing COVID-19-related cases and new restrictions in China could worsen the problems.
This story originally appeared on the Associated Press News.