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Title: Retail Sales in U.S. Rise More Than Forecast as Economy Expands
Source:
BBG
URL Source: http://www.bloomberg,com
Published: Apr 14, 2010
Author: Timothy R. Homan
Post Date: 2010-04-14 08:32:05 by war
Keywords: None
Views: 307
Comments: 2
April 14 (Bloomberg) -- Sales at U.S. retailers climbed in March more than anticipated, signaling consumers will play a bigger role in a broadening economic recovery. Purchases increased 1.6 percent last month, the most in four months, and gains for February and January were revised up, Commerce Department figures showed today in Washington. Sales excluding autos rose 0.6 percent, also surpassing expectations. Companies from Target Corp. to Saks Inc. benefited last month from an early Easter, better weather and a pickup in hiring, indicating the expansion is no longer solely dependent on gains in manufacturing. A lack of inflation is one reason Chairman Ben S. Bernanke, who testifies before congress today, and other Federal Reserve policy makers will probably keep interest rates low in coming months. “Household are spending more and saving less in anticipation of an improving economy,” Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts, said before the report. “News of an upturn in employment in March should boost confidence in the economic recovery and] expectations for income growth in the year ahead.” Retail sales were projected to increase 1.2 percent, according to the median estimate of 79 economists in a Bloomberg survey. Forecasts ranged from gains of 0.5 percent to 2.1 percent. Purchases in February and January were revised to show 0.5 percent gains, up from the previously reported 0.3 percent and 0.1 percent respective increases. Median Forecast Purchases excluding autos were projected to increase 0.5 percent, according to the survey median. Eleven of 13 major categories showed increases in sales last month, led by a 6.7 percent advance at auto dealers. Purchases of building materials jumped 3.1 percent, the most since November 2007, and receipts at clothing stores increased by the most in a year. Dealerships saw a rebound last month after the February storms that pushed seasonal snowfall totals to records in parts of the eastern U.S. made some auto lots inaccessible. Chain stores last month turned in their best year-over-year performance since 1999, industry figures showed last week. Gap Inc., Saks and TJX Cos. posted March sales gains that exceeded analysts’ estimates as warm weather and improving job prospects encouraged shoppers. The Easter holiday in early April may have resulted in more March sales, according to economists such as Julia Coronado at BNP Paribas in New York. Expanding Payroll Home Depot Inc., the largest U.S. home-improvement retailer, is among companies hiring. The Atlanta-based merchant is adding store jobs for the first time in four years. “We made a very conscious decision this year to hire,” Chief Executive Officer Frank Blake said in an April 6 interview. “The fourth quarter was more positive than we anticipated.” Payrolls increased by 162,000 in March, the third gain in five months, according to figures from the Labor Department. The jobless rate, which hasn’t risen since reaching a 26-year high of 10.1 percent in October, was 9.7 percent for a third month. Consumer spending has increased for five months through February, the government reported last month. Economists surveyed by Bloomberg this month forecast purchases to increase 2.3 percent in 2010. Purchases declined in 2009 and 2008, the first back-to-back decrease since the 1930s.
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#1. To: All (#0)
(Edited)
No one is joking about the weather any more. Hey guys?!? Who's left rooting against the US economy? Boofers and Bigots and Moonbats...OH MY!!! Boofers and Bigots and Moonbats...OH MY!!! Boofers and Bigots and Moonbats...OH MY!!!
#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace
THE BOOFER SLIPPERS!!! It's the economy stupid!!!! It's the economy stupid!!!! It's the economy stupid!!!! #67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace
#2. To: Boofer (#0)
(Edited)
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