Monday, April 16, 2012
US retail sales beat expectations in March
US retail sales rose more than expected in March as Americans shrugged off high gasoline prices and bought a range of goods, suggesting that economic growth in the first quarter did not slow as much as many had feared.
Total retail sales increased 0.8 percent, the Commerce Department said today, after a slightly downwardly revised 1.0 percent rise in February that was previously reported as a 1.1 percent advance.
Last month's gains, which surpassed economists' expectations for only a 0.3 percent rise, could prompt analysts to raise their first-quarter growth forecasts from an annual pace of around 2.5 percent currently.
The economy grew at a 3.0 percent rate in the fourth quarter.
Motor vehicle sales rose 0.9 percent after increasing 1.3 percent in February. Auto sales have accelerated in recent months, boosted by pent-up demand by households.
Total retail sales increased 0.8 percent, the Commerce Department said today, after a slightly downwardly revised 1.0 percent rise in February that was previously reported as a 1.1 percent advance.
Last month's gains, which surpassed economists' expectations for only a 0.3 percent rise, could prompt analysts to raise their first-quarter growth forecasts from an annual pace of around 2.5 percent currently.
The economy grew at a 3.0 percent rate in the fourth quarter.
Motor vehicle sales rose 0.9 percent after increasing 1.3 percent in February. Auto sales have accelerated in recent months, boosted by pent-up demand by households.
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