US retail sales rise 0.6% in February to $700.7B

By Ovunc Kutlu

ISTANBUL (AA) - US retail sales rose 0.6% to $700.7 billion in February, according to advance figures released Thursday by the Commerce Department.

The market estimate for the figure was to show an increase of 0.8%, while the January figure was revised to $696.7 billion for a decrease of 1.1%.

On an annual basis, retail sales were up 1.5% in February, compared to the same month of last year.

"Total sales for the December 2023 through February 2024 period were up 2.1 percent from the same period a year ago," the Commerce Department said in a statement.

The increase in figures indicate that consumer demand still remains high in the world's largest economy, and the Federal Reserve's first interest rate cut could be delayed this year.