NEW YORK (AP) — After beginning the year in a buying mood, Americans slowed their spending in February as prices for food, gasoline, toothpaste and just about everything else continue to rise.
Retail sales increased 0.3% after registering a revised 4.9% jump from December to January, fueled by wage gains, solid hiring and more money in banking accounts, according to the Commerce Department.
January’s increase was the biggest jump in spending since last March, when American households received a final federal stimulus check of $1,400.
Business at restaurants rose 2.5% in February, while online sales fell 3.7%. Department stores saw a 1.6% increase.
