The unexpected American shopping spree seems to have cooled
Retail sales dipped 0.4% in February after a surprise start-of-the-year surge that appeared at odds with the Federal Reserve's goal of cooling down the economy.
An unexpected spending spree by U.S. shoppers seems to have calmed.
Retail spending declined 0.4% in February compared to January, the Commerce Department said on Wednesday. That's after a surprise start-of-the-year shopping spree that contradicted the Federal Reserve's goal of cooling down the economy to fight high prices.
People spent about 2% less on cars and parts, and 2.2% less at restaurants and bars, the latest report on retail sales showed.
