Published on 27 Mar 2024 on Zacks via Yahoo Finance
4 Retail Stocks to Buy as the Sector Resumes its Climb in 2024
Retail Sales picked up in February despite consumer prices being on the rise again, demonstrating a positive consumer mood about steady interest rates and more available cash to spend.
Per the Commerce Department, retail sales for February rose 0.6% to $700.7 billion from the previous month. The January number was revised up to a 1.1% fall from the previously reported 0.8%. However, rising prices affected retail sales, which, despite improving from January, fell short of expectations in February. The consensus estimate for the period was 1%.
The retail sales numbers for February were primarily boosted by higher gasoline prices and higher auto sales. A strong jobs market and rising wages also fueled sales.