Retail Sales Rose in March As Consumers Spent on Cars, Appliances

Share
Retail Sales Rose in March As Consumers Spent on Cars, Appliances

That supports the Federal Reserve's view that such weakness was transitory, as well as the central bank's outlook for two or three more interest-rate increases this year after a quarter-point hike in March.

Non-store retailers like Amazon continued to gain, rising 0.8 per cent for the month, putting them up almost 10 per cent over March of past year. Compared with March 2017, the total is 4.7 percent higher.

Online retail sales increased 0.8 percent in March and have risen almost 10 percent compared to a year ago.

The data April 16 also showed that a decline in gasoline costs, as reported last week in the Labor Department's consumer-price index, may have weighed on filling-station receipts. Excluding both autos and gasoline, sales rose 0.3 per cent.

Among the brightest spots in Monday's report was auto sales, which jumped 2 percent, the most in six months.

Last month's pick-up in core retail sales did little to change expectations of a sharp slowdown in consumer spending in the first quarter.

Retail sales are closely watched by economists because they provide an early read on consumer spending, the principal driver of the US economy.

"We believe those forces will remain supportive for consumption in the second quarter, and after today's number remain comfortable with prospects for a rebound in household outlays this quarter".

Economic growth estimates for the January-March quarter are running below a 2 percent rate. Sales at furniture stores climbed 0.7 percent while those at electronics and appliance stores increased 0.5 percent.

Total sales grew at a 0.6% month-on-month pace in March to reach $509.4bn (consensus: 0.2%), according to the Department of Commerce. Sales at building material and garden equipment and supplies stores were off 0.6 percent for the month, though they were up 5.3 percent for the year. Bars and restaurants gained 0.4 per cent.

Sporting goods stores were down 0.9% year-over-year and down 1.8% from February seasonally adjusted.

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

Share

Advertisement

Related Posts

The Weeknd and Bella Hadid Spotted ''Kissing All Night'' at Coachella Party
The Weeknd's new heartbreak-tinged album is rumored to be about Gomez . Homeboy is gonna like. get it , or maybe he already did.

Busey Trust Company Boosted Its Abbvie (ABBV) Holding; Noble Has 1.02 Sentiment
Following the transaction, the executive vice president now owns 133,026 shares of the company's stock, valued at $15,230,146.74. It dropped, as 42 investors sold ABBV shares while 695 reduced holdings. 448 grew positions while 139 funds amassed positions.

HBO's John Oliver Says GOP 'Absolutely Blew It' on Corporate Tax Reform
That's down from 10 as of a year ago . " Last Week Tonight " airs Sunday nights at 11pm ET on HBO . Of the four remaining Blockbuster stores, three are in Alaska.

On April, 25 Analysts See $0.59 EPS for Suncor Energy Inc. (SU)
It dropped, as 55 investors sold JPM shares while 802 reduced holdings. 72 funds opened positions while 132 raised stakes. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing.

Auto insurance premiums fall for third quarter in a row
Experiencing the biggest quarterly drop of 21% were City of London motorists, who now pay an average of £1,259. Costs for insurers have eased off after the government reformed laws to crackdown on whiplash claims.

Michy Batshuayi suffers suspected ankle break in derby match vs Schalke
All eyes will now be on whether Batshuayi can be fit to take his place in Belgium's squad for the World Cup this summer. Wishing my team-mates the best for the final days.

Apple Releases iOS 11.4 Beta 2 to Developers [Download]
Two weeks after the first beta releases, Apple has released its second developer betas of iOS 11.4, tvOS 11.4, and watchOS 4.3.1. It would seem that this round of updates is meant to wrap up all of Apple's promises for iOS 11 and its counterparts.

Supreme Court To Rule On Sales Tax Of Online Purchases
However, GAO also estimated that untaxed online sales would make up just 2 to 4 percent of state and local sales tax revenue. South Dakota depends more than most states on sales taxes because it is one of nine that do not have a state income tax.

Mourinho hits out at inconsistent and "complicated" United
The outcome of that game meant that Manchester City were crowned Premier League champions. "Everything must be consistent until the last day". 'We were masters in complication .

General Electric Company (GE) EPS Estimated At $0.12
Several analysts have released their opinion on General Electric Company (NYSE:GE), with 2 analysts believing it is a strong buy. TheStreet lowered General Electric from a "c" rating to a "d+" rating in a research report on Wednesday, January 24th.

© 2015 ExpressNewsline. All Rights reserved.