Retail Sales Continue Higher in March, Up 0.4%
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Sales at U.S. retailers rose in March as the improving job market helped consumers become more confident about opening their wallets.
The Commerce Department reported Wednesday purchases by American consumers rose 0.4 percent last month following a 1.1 percent rise in February. The increase marks the ninth consecutive month of gains.
Economists had been looking for a slightly higher increase of 0.5 percent.
Sales excluding automobiles and fuel rose 0.6 percent in March following an upwardly revised reading of 0.9 percent for the prior month. Economists had estimated a 0.5 percent increase.
Sales at service stations increased 2.6 percent last month as gas prices continue to place pressure on consumers. Automobile sales fell 1.7 percent in the period.
Consumer spending is the backbone of the recovery as shopper spending accounts for 70 percent of the overall U.S. economic activity.
The Commerce Department reported Wednesday purchases by American consumers rose 0.4 percent last month following a 1.1 percent rise in February. The increase marks the ninth consecutive month of gains.
Economists had been looking for a slightly higher increase of 0.5 percent.
Sales excluding automobiles and fuel rose 0.6 percent in March following an upwardly revised reading of 0.9 percent for the prior month. Economists had estimated a 0.5 percent increase.
Sales at service stations increased 2.6 percent last month as gas prices continue to place pressure on consumers. Automobile sales fell 1.7 percent in the period.
Consumer spending is the backbone of the recovery as shopper spending accounts for 70 percent of the overall U.S. economic activity.
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