After beginning the year in a buying mood, Americans slowed their spending in February on gadgets, home furnishings and other discretionary items as higher prices for food, petrol, and shelter are eating up more of their wallet.Retail sales increased 0.3 percent after registering a revised 4.9 percent jump from December to January, driven by wage gains, solid hiring and more money in banking accounts, according to the Department of Commerce. January’s increase was the biggest jump in spending since last March, when American households received a final federal stimulus check of $1,400.Business at furniture and home furnishing stores fell 1 percent in February, while sales at electronic and appliance stores slipped 0.6 percent. General merchandise stores saw business down 0.2 percent, while online sales fell 3.7 percent. Restaurant sales rose 2.5 percent as shoppers shift more of their spending to services as the threat of COVID-19 fades.
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