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U.S. retail sales drop 3% in February before new round of stimulus checks
Sales at U.S. retailers fell 3% in February due to a lapse in government aid and a bout of unusually bad weather, but business is expected to pick up again soon after Washington sent $1,400 stimulus checks to most Americans. Sales had soared a revised 7.6% in January after the government sent out $600 stimulus checks before President Trump left office. Some slowdown was expected in February after the money lapsed, but the Democratic-led Congress just approved additional payments to bring the total to $2,000 for those who meet the income thresholds. The money is being sent out now and much of it is likely to be spent ... (full story)
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Harsh weather temporarily weighs on U.S. retail sales in February
U.S. retail sales fell more than expected moderately in February amid bitterly cold weather across the country, but a rebound is likely as the government disburses another round of pandemic relief money to mostly lower- and middle-income households. Retail sales dropped by a seasonally adjusted 3.0% last month, the Commerce Department said on Tuesday. Data for January was revised up to show sales rebounding 7.6% instead of 5.3% as previously reported. Economists polled by Reuters had forecast retail dropping 0.5% in February. Unseasonably cold weather gripped the country in February, with deadly snow storms lashing ... (full story)
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