Retail Sales, Furniture Spending Drop

March 13, 2006  by in UnCategorized   

By Home Furnishings Business in on March 2006 U.S. retail sales – including those of home furnishings – dropped off significantly in February, after consumers helped usher the year in with big spending, according to a new government report released this week.

Figures released by the U.S. Department of Commerce on Tuesday point to a larger-than-expected 1.3 percent dip in overall sales last month. The drop, larger than the 0.8 percent decline Wall Street initially forecast for February, comes after unusually big spending the month before. Revised Commerce Department figures for sales in January show an increase of 2.9 percent gain from December.

The report noted that sales at furniture stores showed notable decline. Sales fell 4 percent from January. The drop is the largest outside of the auto sector.