According to the CNBC/NRF Retail Monitor, consumer spending saw a rebound in February. Excluding autos and gas, spending rose by 1.06%, and by 0.95% when restaurants were also excluded. Even after adjusting for the leap day, sales still increased by 0.4%, showing a positive trend compared to January's 0.2% decline.
The Retail Monitor, which analyzes actual credit card spending data from Affinity Solutions, indicates that strong job market and real wage increases continue to support spending. Online and nonstore sales, sporting goods, health and personal-care stores, and clothing and accessories stores all saw month-over-month and year-over-year increases, contributing to the overall positive trend in consumer spending.
While the data may differ from the Census Bureau retail report, which economists expect to show a 0.8% gain, the overall picture suggests that January's decline was not indicative of a broader slowdown in consumer spending.
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