(MENAFN- Saudi Press Agency)
WASHINGTON, Jumada II 16, 1438, Mar 15, 2017, SPA-- Americans only spent slightly more last month at retail stores compared with January, the government said Wednesday, offering a sign of consumer caution despite rising optimism about the economy.
The Commerce Department reported that retail sales climbed 0.1 percent in February, after a much larger gain of 0.6 percent the previous month. January's gain was revised higher.
The figures suggest that strong job growth this year, near-record high stock prices, and decent wage gains have not yet lifted spending. But last month's slow pace could be temporary.
Economists say that spending likely was held back by delays in tax refund payments. A new law has required tougher scrutiny of a tax credit claimed by lower-income taxpayers. But refunds have begun to flow this month, which could trigger a rebound.
Upward revisions to January's sales data point to potentially faster growth in the first three months of the year, economists say.
--SPA
20:29 LOCAL TIME 17:29 GMT
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