US retail sales volumes dip unexpectedly in February

US retail sales volumes dipped unexpectedly last month, amid a sharp drop in sales of building materials, although the prior month's reading was revised sharply upwards.

In seasonally adjusted terms, total retail sales volumes declined by 0.2% month-on-month to reach $505.97bn, according to the Department of Commerce.

Economists had forecast an increase of 0.3%.

Excluding motor vehicles and parts, sales fell by 0.4% and without taking into account gasoline station sales they were down by 0.6%.

Sales of autos and parts rose by 0.7% versus January to reach $102.99bn, following a gain of 2.4% in the month before, while those of gasoline stations bounced back by 1.0% to $40.87bn after a drop of 3.2% in January.

Sales of building materials meanwhile shrank by 4.4% on the month to $32.95bn.

However, January's increase in retail sales was revised to show a rise of 0.7% month-on-month, versus an initial estimate showing growth of 0.2%.