Retail Sales Growth Slows in February, Supporting Soft Landing Forecast

Retail sales grew 0.58% month-over-month in February 2024, below forecasts of 0.80% growth, indicating slowing consumer demand
Adjusted for inflation, real retail sales grew just 0.39% month-over-month, below the historical median rate
On a 3-month annualized basis, real retail sales contracted 1.50%, suggesting significant slowing after 6-month and 12-month growth near 1.3%
The slowdown was broad-based across categories, with particular weakness in furniture, health/personal care, and food services
Slower real retail sales growth supports a "soft landing" scenario for the economy rather than a "no landing" scenario with persistent inflation