U.S. retail sales dropped in February

WASHINGTON, April 1 (Xinhua) -- U.S. retail sales in February declined 0.2 percent from the prior month, reaching 506.0 billion U.S. dollars, the Commerce Department said Monday.

Data for January was revised up to show retail sales rising 0.7 percent instead of 0.2 percent as previously reported, the department said in its advance monthly report on retail and food services sales.

Total retail sales for February were up by 2.2 percent from February 2018, the report said.

Total sales for the December 2018 through February 2019 period were up 2.2 percent from the same period a year ago, the report said.

Retail sales in February excluding motor vehicle, parts and gasoline stations dropped 0.6 percent from January 2019.

Retail trade sales in February were down 0.2 percent from January 2019. Building material and garden equipment and supplies dealers were down 4.4 percent from January 2019, while non-store retailers were up 0.9 percent from previous month.

Data released by the Commerce Department last week also showed a decline in privately-owned housing starts in February, which was down 8.7 percent from the revised rate in January.

Weak data including retail sales and housing starts have left economists expecting a slowdown in the economic growth in the first quarter of 2019. Forecasting firm Macroeconomic Advisers on Friday projected a 1.3 growth rate for the quarter.

The U.S. economic growth in the fourth quarter of 2018 was revised down to an annual rate of 2.2 percent, from the previously reported 2.6 percent, the Commerce Department said Thursday in its final estimate. The real GDP expanded 2.9 percent in 2018, falling short of the Trump administration's 3-percent annual growth target.

In March, the Federal Reserve left interest rates unchanged after concluding a two-day policy meeting, maintaining the target range for the federal funds rate at 2.25 percent to 2.5 percent.

Addressing a press conference, Fed Chairman Jerome Powell said the policymaking Federal Open Market Committee (FOMC) believes that the central bank "should be patient" in assessing the need for any change in the stance of policy.

In its latest economic projections, the Fed cut its forecast of the U.S. economic growth in 2019 and 2020, expecting a rate of 2.1 percent and 1.9 percent, respectively. Enditem