NEW YORK (Reuters) - Retail sales fell at the fastest pace in at least five years and could tip an already fragile economy into recession, according to a private report released on Wednesday.
Retail sales tumbled 1.1 percent last month, compared with a 0.2 percent gain in January, said SpendingPulse, the retail data service of MasterCard Advisors, an arm of MasterCard Worldwide (MA.N: Quote, Profile, Research). The report excludes auto sales.
"It's definitely the biggest drop in our history," said Kamalesh Rao, director of economic research at MasterCard Advisors. SpendingPulse's retail data series started in 2003.
Wednesday, March 12, 2008
Falling Retail
Retail sales fell in Feb: