US retail sales fell last month at their fastest pace since November 2001 as consumers reduced their spending amid growing economic uncertainty and rising unemployment. Retail sales fell 1.6pc in February from the previous month, according to figures from the Commerce Department. This represents a marked drop on forecast figures which predicted a decline of just 0.5pc. However, analysts said the larger than expected dip in sales may be partly explained by the cold spell in February, which kept shoppers away. On a year-on-year, sales in February were up 2.6pc, the department said.
Excluding traditionally volatile automobile sales, retail sales for the month were down 1pc, considerably weaker than the expected 0.2pc fall. The decline in February retail sales was experienced across most sectors. Retail and food sales, excluding petrol, fell 1.9pc in the month after remaining flat in January, while sales of electronics and appliances fell 0.5pc after declining 0.1pc in January. ///www.fxcentre.com