US retail sales continue to rise
By Martin Crutsinger |
March 12, 2011, Saturday
|
Print Edition
Print Edition
AMERICAN shoppers snapped up new cars, clothing and electronics in February, pushing retail sales up for the eighth straight month.
Retail sales rose 1 percent last month, the United States Commerce Department reported yesterday. Part of the gain reflected higher prices for gasoline. Still, excluding sales at gas stations, retail sales rose a solid 0.9 percent. February's jump in sales followed a strong upward revision that showed a 0.7 percent increase in January. That was more than double the original estimate.
Sales totaled US$387.1 billion, up 15.3 percent from the recession low reached in December 2008. A Social Security tax cut and rising employment will spur consumers to spend more this year, although higher gas prices will cut into their disposable income.
"This is a very encouraging report," said Paul Ashworth, chief US economist at Capital Economics. He said spending should be a strong 3 percent or more in the first three months of this year. This category is closely watched because it accounts for 70 percent of total economic activity.
The tax cut is "undoubtedly still providing a temporary boost," Ashworth said. But he cautioned that higher energy prices would start affecting household budgets in the next month or two.
Auto sales led the February increase, rising 2.3 percent. Dealers have been enjoying stronger demand in recent months as the economy improves and more people find jobs.
The major auto makers offered discounts last month and that gave added momentum to sales. Higher oil prices also pushed sales up. Gas station sales climbed 1.4 percent, the biggest jump since December.
Better weather brought people back to department stores. Sales rose 1 percent, a rebound from a 0.4 percent drop in January when torrid winter storms kept people from shopping.
Retail sales rose 1 percent last month, the United States Commerce Department reported yesterday. Part of the gain reflected higher prices for gasoline. Still, excluding sales at gas stations, retail sales rose a solid 0.9 percent. February's jump in sales followed a strong upward revision that showed a 0.7 percent increase in January. That was more than double the original estimate.
Sales totaled US$387.1 billion, up 15.3 percent from the recession low reached in December 2008. A Social Security tax cut and rising employment will spur consumers to spend more this year, although higher gas prices will cut into their disposable income.
"This is a very encouraging report," said Paul Ashworth, chief US economist at Capital Economics. He said spending should be a strong 3 percent or more in the first three months of this year. This category is closely watched because it accounts for 70 percent of total economic activity.
The tax cut is "undoubtedly still providing a temporary boost," Ashworth said. But he cautioned that higher energy prices would start affecting household budgets in the next month or two.
Auto sales led the February increase, rising 2.3 percent. Dealers have been enjoying stronger demand in recent months as the economy improves and more people find jobs.
The major auto makers offered discounts last month and that gave added momentum to sales. Higher oil prices also pushed sales up. Gas station sales climbed 1.4 percent, the biggest jump since December.
Better weather brought people back to department stores. Sales rose 1 percent, a rebound from a 0.4 percent drop in January when torrid winter storms kept people from shopping.
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