U.S. retail sales increased 0.6% month-on-month in February, lower than market expectations

　　China News Service, Washington, March 14 (Reporter Sha Hanting) Data released by the U.S. Department of Commerce on the 14th local time showed that U.S. retail sales increased by 0.6% month-on-month in February, lower than consensus market expectations.

　　Data show that driven by the growth in sales of building materials, automobiles and gas stations, retail sales in February increased by 0.6% month-on-month, which was significantly improved from the 1.1% month-on-month decrease in January, but was still lower than the consensus market expectations.

　　Specifically, sales of building materials products increased by 2.2% month-on-month; sales of gas stations increased by 0.9% month-on-month; sales of automobiles and parts increased by 1.6% month-on-month; sales of electronic products and home appliances increased by 1.5% month-on-month; and catering sales increased month-on-month. 0.4%; sales of furniture and household products fell 1.1% month-on-month; sales of health and wellness products fell 0.3% month-on-month; sales of apparel products fell 0.5% month-on-month.

　　U.S. media analysis believes that high inflation and high interest rates have increased the pressure on American people's lives. February retail sales data shows that American consumers are currently cautious about consumption and will not buy goods at will. Personal consumption expenditure growth in 2024 will likely be weak.

Some experts also believe that American consumers’ consumption expenditures are shifting more from commodity consumption to service consumption.

　　On the same day, the U.S. Department of Labor released data showing that the U.S. industrial producer price index (PPI) increased by 0.6% month-on-month and 1.6% year-on-year in February, which was higher than market expectations. PPI higher than expected usually means there is a risk of inflation.

　　In addition, data released by the U.S. Department of Labor on the 12th showed that the U.S. Consumer Price Index (CPI) rose by 0.4% month-on-month in February this year, an increase of 0.1 percentage points from January, which was the largest increase since September last year.

　　Analysts believe that recently released data show that inflationary pressures in the United States still exist, and the U.S. Federal Reserve may keep the federal funds rate at a high level for a longer period of time.

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