WASHINGTON: US retail sales increased by the most in 1-1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start.
"Supported by strong labor market conditions and improving wage growth, household spending appears well positioned to increase in the coming months," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan."Fears about the softening in the economy were overblown."
Excluding automobiles, gasoline, building materials and food services, retail sales rebounded 1.0 per cent in March after a downwardly revised 0.3 per cent decline in February. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. The dollar was trading higher against a basket of currencies while stocks on Wall Street were mixed. Prices of US Treasuries were up.
Another report from the Commerce Department on Thursday showed business inventories rose in February and stock accumulation in the prior month was a bit stronger than initially estimated, a potential boost to growth.
Source: Car News Wire (carnewswire.net)
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