Retail Sales Up 0.7% in February as Consumers Adjusted Spending

Retail sales beat estimates in February as consumers quickly adapted and adjusted their spending in response to an increase in payroll taxes and higher gasoline prices. According to the National Retail Federation, the world's largest retail trade association, February retail sales (excluding automobiles, gas stations and restaurants) increased 0.7 percent seasonally adjusted from January and increased 0.5 percent unadjusted year-over-year.