US futures dip ahead of retail numbers

Associated Press
FILE - In this Friday, March 1, 2013, file photo, specialist Peter Elkins works on the floor of the New York Stock Exchange. World stock markets ran out of steam Wednesday March 13, 2013 after a sharp drop in Britain's industrial production and a warning from the head of Germany's central bank that the euro debt crisis isn't over. (AP Photo/Richard Drew, File)
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NEW YORK (AP) — Stock futures are falling with the government expected to report that Americans curbed spending in stores as higher taxes and gas prices depleted their take-home pay.

Dow Jones industrial futures are down 26 points to 14,360. The broader S&P futures have lost 3.2 points to 1,543.60. Nasdaq futures are down 5.5 points to 2,792.50.

Economists believe that retail sales rose 0.2 percent between January and February, a hair above January sales.

The Commerce Department report Wednesday, the government's first peek into the mood of shoppers, is watched closely because consumer spending drives about 70 percent of economic activity in the U.S.

Retail stores have already posted their own numbers for February and sales were hampered by both rising taxes and colder temperatures.

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