At 8:30 a.m. ET, we’ll get the February retail sales report.
Economists estimate retail sales climbed by 0.3% in February. Excluding autos and gas, core sales are estimated to have increased by 0.3%.
From Bank of America Merrill Lynch: “Gasoline prices increased in the month, which pushes up overall spend. But even controlling for the swing in gasoline prices, we think the underlying trend in spending will be slightly better. We are still somewhat cautious because the harsh winter weather could be holding back spending in parts of the country. If not for the weather, we would be much more positive on retail sales given the savings from lower gasoline prices over the past six months and robust job growth. Looking forward to the spring, we expect a notable improvement in spending.”