Economic data is, however, taking a backseat to the unfolding turmoil in the financial sector.
Retail sales dropped 0.4% last month. Data for January was revised higher to show retail sales rising 3.2% instead of 3.0% as previously reported. Economists polled by Reuters had forecast sales would fall 0.3%, with estimates ranging from a 1.0% decline to a 0.5% increase.
Receipts at food services and drinking places, the only services category in the retail sales report, tumbled 2.2%. But online retail sales increased 1.6%, while receipts at electronics and appliance stores rose 0.3%. The U.S. central bank has raised its benchmark overnight interest rate by 450 basis points since last March from near-zero to the current 4.50%-4.75% range.
Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.5% last month. These so-called core retail sales increased 2.3% in January, revised up from the previously reported 1.7%.
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