The News
US retail sales rose less than expected in February, adding to fears of a slowdown in consumer spending. New data from the US Commerce Department released Monday showed the value of retail purchases increased by 0.2% in February — below the Dow Jones estimate of a 0.6% increase. January data was revised down from a 0.9% to a 1.2% decline, the biggest drop in over three years.
It comes after the Organisation for Economic Co-operation and Development downgraded its global growth forecasts for this year and next, amid US President Donald Trump’s escalating trade wars.
Trump’s tariff spat with US trading partners has sparked high levels of uncertainty among shoppers, as is evident across several consumer surveys, CNN reported.
“Frequent gyrations in economic policies make it very difficult for consumers to plan for the future, regardless of one’s policy preferences,” said Joanne Hsu, director of consumer surveys at the University of Michigan.