US retail sales rise moderately in February

WASHINGTON, Mar 16 (Reuters): US retail sales increased moderately in February as more expensive gasoline and food forced households to cut back spending on other goods like furniture, electronics and appliances, which could restrain economic growth this quarter.

The report from the Commerce Department on Wednesday, however, showed the rebound in sales in January was much stronger than initially estimated. Record gasoline and high food prices are hitting lower-income households the hardest.

Overall, consumers are being cushioned by massive savings accumulated during the COVID-19 pandemic. Worker shortages with near-record jobs openings are boosting wages and allowing Americans to pick up extra shifts to augment their income.