On today’s edition of winners & losers, financial expert Rob Black discusses how the late winter storm has impacted retail sales.
According to The Associated Press, Americans spent less last month, partly due to bad weather in parts of the country that kept shoppers away from stores.
Retail sales fell a seasonally adjusted 3% in February from the month before, the U.S. Commerce Department said Tuesday.
The drop comes after retail sales soared in January as people spent the $600 stimulus checks sent at the end of last year.
In fact, the Commerce Department revised its January number up to 7.6% from its previously reported increase of 5.3%.
Economists expect retail sales to rise again in March as many Americans get $1,400 direct payments, part of a $1.9 trillion COVID-19 relief package that was signed into law last week.