A new federal report today of a cool-off in retail sales may be good news for the Fed, which is weighing mixed messages from the economy.
that contradicted the Federal Reserve’s goal of cooling down the economy to fight high prices.
In February, people spent 0.6% more at grocery stores and 1.6% more on online shopping. And overall, retail spending remained 5.4% higher than it was a year before, in February 2022. The central bank had been expected to continue raising interest rates at its meeting next week, but the recent collapse of two tech-focused banks could alter the Fed’s thinking as policymakers shift their focus to stabilizing the banking system.Prices in February grew 0.4% compared to January, which has weighed on shoppers. Plus, February spending is being compared to January, when U.S. retirees received the biggest cost-of-living adjustment in four decades.
“As long as there are jobs for everybody, consumers will feel like they can do it,” said Eugenio Alemán, chief economist at Raymond James. “As long as they continue to remain confident that they have a job … or even if they lose their job, they can get a new job — then they will continue to engage in the economy.
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