US retail sales tick up in February

WASHINGTON: US retail sales logged smaller gains than expected in February, government data showed Monday, edging up from an earlier decline, with all eyes on the strength of consumer spending amid growing worries of a recession.

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Consumers are a key driver of the world’s biggest economy, and spending has been helped by a resilient job market and wage growth. But households have since drawn down on savings accumulated during the Covid-19 pandemic.

President Donald Trump's economic policies -- which so far include sweeping tariff hikes and sharp cuts to the federal government -- have also bogged down consumer confidence in recent times.