Retail sales in the U.S. rebounded in the month of February, according to a report released by the Commerce Department on Thursday, although the increase fell short of economist estimates.
The Commerce Department said retail sales climbed by 0.6 percent in February after slumping by a revised 1.1 percent in January.
Economists had expected retail sales to increase by 0.8 percent compared to the 0.8 percent decrease originally reported for the previous month.
Excluding sales by motor vehicle and parts dealers, retail sales rose by 0.3 percent in February after falling by 0.8 percent in January. Ex-auto sales were expected to rise by 0.5 percent.
The Labor Department also released a report on Thursday showing first-time claims for U.S. unemployment benefits edged slightly lower in the week ended February 9th.
The report said initial jobless claims slipped to 209,000, a decrease of 1,000 from the previous week’s revised level of 210,000.
Economists had expected jobless claims to inch up to 218,000 from the 217,000 originally reported for the previous week.
The Labor Department said the less volatile four-week moving average also dipped to 208,000, a decrease of 500 from the previous week’s revised average of 208,500.
A separate report released by the Labor Department on Thursday showed producer prices in the U.S. increased by much more than expected in the month of February.
The Labor Department said its producer price index for final demand climbed by 0.6 percent in February after rising by 0.3 percent in January. Economists had expected producer prices to rise by another 0.3 percent.
The report also said the annual rate of producer price growth accelerated to 1.6 percent in February from a revised 1.0 percent in January.
Economists had expected the year-over-year price growth to rise to 1.1 percent from the 0.9 percent originally reported for the previous month.
At 10 am ET, the Commerce Department is due to release its report on business inventories in the month of January. Business inventories are expected to rise by 0.2 percent in January after climbing by 0.4 percent in December.
The Treasury Department is scheduled to announce the details of this month’s auction of twenty-year bonds at 11 am ET.