US Retail Sales Rose 0.6% in March

US Retail Sales Rose 0.6% in March

US Retail Sales Rose 0.6% in March

Non-store retailers - primarily e-commerce and catalog businesses - and gas stations tied for the best gain, each with sales up 9.7% from March past year. January data was revised to show sales falling 0.2 percent instead of the previously reported 0.1 percent drop. The numbers exclude automobiles, gasoline stations and restaurants. Retail sales alone increased 4.7% from a year ago and 0.6% from February.

The result put sales up 4.5 per cent over the same month previous year, pointing to a trend of steady overall increases.

With auto sales rebounding strongly, the Commerce Department released a report on Monday showing retail sales in the US increased by more than anticipated in the month of March. The numbers for March suggest consumers are once again willing to spend that to a mixture of good economic news and the impact of the tax cuts passed late past year.

March retail sales increased 0.3 percent seasonally adjusted over February and 5 percent year-over-year as the economy continued to grow, the National Retail Federation said today.

"This is a healthy spending report despite market volatility, unseasonable weather and uncertain economic policies", NRF Chief Economist Jack Kleinhenz said.

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Retail spending in the world's largest economy gained 0.6 per cent for the month, rising to US$494.6 billion, overshooting economists' expectations and marking the biggest gain since November.

Grocery and beverage stores were up 5.9 percent year-over-year and up 0.2 percent from February. For the year, that category enjoyed an increase of 0.8 percent in sales.

Clothing and clothing accessory stores were up 6.1% year-over-year but down 0.8% from February seasonally adjusted.

But they fell at home and garden stores, clothing shops and sporting goods stores.

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