U.S. retail sales log surprise drop in February

WASHINGTON ― Retail sales in the U.S. edged down 0.2% in February, according the U.S. Commerce Department, as consumers made fewer purchases in categories ranging from food to building materials and garden equipment. The latter saw its largest decline since April 2012, falling by 4.4%. A Reuters poll of economists yielded an average estimated gain of 0.3%. Delays in processing tax refunds may have contributed to the downturn, according to Reuters. At the same time, January’s estimated sales increase was revised up to 0.7%.