by Calculated Risk on 3/13/2007 10:03:00 AM

The National Retail Federation reports: Cold Weather, Slow Housing Market Lead to Lackluster February

According to the National Retail Federation (NRF), retail industry sales for February (which exclude automobiles, gas stations, and restaurants) rose 2.7 percent unadjusted over last year and declined 0.5 percent seasonally adjusted from January.

February retail sales released today by the U.S. Commerce Department show that total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.1 percent from January and increased 3.4 percent unadjusted year-over-year.

"Retailers continue to feel the backlash of the sluggish economy," said NRF Chief Economist Rosalind Wells. "Winter weather and the slowing housing market put a dent in what could have been a solid February for many retailers."

At least the NRF isn't just blaming the weather.