|
The Commerce Department said on Tuesday retail
sales increased 0.9 percent. That was the largest gain since
March last year and snapped three straight months of declines
that had been blamed on harsh winter weather.
Sales in February were revised to show a 0.5 percent drop
instead of the previously reported 0.6 percent decline.
The sturdy report could keep the Federal Reserve on track to
start raising interest rates later this year.
Economists polled by Reuters had forecast retail sales
rebounding 1 percent last month.
Retail sales excluding automobiles, gasoline, building materials
and food services rose 0.3 percent after a revised 0.2 percent
decline in February.
The so-called core retail sales, which correspond most closely
with the consumer spending component of gross domestic product,
were previously reported to have been flat in February.
Economists had expected core retail sales would rise 0.5 percent
in March.
Last month's jump in overall retail sales should ease fears of
sustained weakness in the economy after an unusually snowy
winter undercut activity early in the year. Labor disruptions at
normally busy West Coast ports, a stronger dollar and softer
global demand also have constrained growth.
Data on trade, consumer spending, manufacturing and home
building have suggested the economy grew at a sub-1.5 percent
annual rate in the first quarter.
Last month, automobile sales surged 2.7 percent, the biggest
rise since March 2014. Sales at clothing stores increased 1.2
percent. Receipts at building material and garden equipment
stores advanced 2.1 percent, the largest rise since July 2013.
Sales at restaurants and bars gained 0.7 percent.
There were also increases in sales at furniture stores and
sporting goods and hobby shops. However, sales at electronic and
appliance stores slipped as did receipts at online stores.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
