by Calculated Risk on 3/13/2008 10:04:00 AM

From the Census Bureau:

The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for February, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $380.2 billion, a decrease of 0.6 percent from the previous month, but 2.6 percent above February 2007. Total sales for the December 2007 through February 2008 period were up 3.3 percent from the same period a year ago. The December 2007 to January 2008 percent change was revised from +0.3 percent to +0.4 percent.

Retail trade sales were down 0.6 percent from January 2008, but were 2.4 percent above last year. Gasoline station sales were up 20.2 percent from February 2007 and sales of sporting goods, hobby, book, and music stores were up 6.3 percent from last year.

Not only were sales down in February, but adjusted for inflation, retail sales are down year-over-year - a pretty strong indicator that the economy is in recession.