Sales of new motor vehicles slumped 14.1% in February, Statistics Canada reported Thursday. StatsCan is blaming the withdrawal of some incentive programs, rather than a negative element in the economy.

However, this is the steepest drop since January 1998, when the ice storm slowed new motor vehicle sales in the affected provinces. Motor vehicle dealers sold 129,036 new vehicles in January, down 21,145 units from the peak reached in December.

The news isn’t much better in America, where consumers spending fell last month. The U.S. Department of Commerce is blaming war worries and gas prices.

Retail sales dropped 1.6%, far more than the 0.4% slide economists were expecting. That’s down from a 0.3% increase in January. Consumers bought fewer cars, furniture and home appliances, but auto sales stumbled 3.4% after falling by 2.6% in January. Excluding autos, overall retail sales would have fallen by 1% last month.

Meanwhile, the number of Americans filing their first applications for unemployment insurance declined last week for the first time in a month. The Labor Department is reporting that initial jobless claims fell by 15,000 to 420,000 claims last week.

Early morning futures trading is up, following positive trading in Europe. In early afternoon trading, London’s FTSE 100 is up 77.70 to 3,364.70. The Paris CAC 40 is up 52.52 to 2,455.56, Germany’s DAX 30 has risen 44/81 to 22,247.77.

Overnight in Asia, Tokyo’s 225-issue Nikkei Stock Average continued on its roller coaster ride. It shed 74.48 points, or 0.94%, to close at 7,868.56.

On Wednesday it was announced that eight companies are being eliminated from the S&P/TSX composite index.

Cogeco, Westport Innovations, Sleeman Breweries, Cryocath Technologies, Inex Pharmaceuticals, Pangeo Pharma, Magellan Aerospace and Crystallex International will be gone from the index effective at the close March 21. Eldorado Gold is being added.

The changes leave the successor to the TSE 300 index with 220 companies.