Retail sales rise again for March
American consumers did more shopping last month, as the federal government today reported a 1.1-percent gain in retail sales.
The jump was roughly in line with analysts’ expectations and marked a second consecutive monthly gain in retail sales. Automobile dealers particularly enjoyed a busy month as the government reported a 3.4-percent jump in auto sales.
Absent the auto gains, retail sales would have risen only 0.7 percent.
Sales were up 3.8 percent over March 2013, more than twice the annual gain in February, 1.8 percent.
Several retail sectors reported gains higher than the 1.1-percent jump. They were: general merchandise stores, 1.9 percent, building material and garden equipment supplies, 1.8 percent; and non-store retailers, 1.7 percent.
For the first quarter of the year, according to the figures from the U.S. Census Bureau, sales were up 2.5 percent from the same quarter last year.
Retail sales figures are considered a key economic indicator since consumer buying makes up most of the nation’s economic activity.
WBJ Web Partners
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