US Retail Sales Climb Sharply in February
US Retail Sales Climb Sharply in February
US retail sales grew in February for the eight month in a row, climbing about 1 percent, according to a report issued Friday by the Commerce Department. The gain was the biggest in the measure since October, and followed an upwardly revised 0.7 percent increase in retail numbers for January that more than doubled the initial report.
US consumers spent $387.1 billion in January, a number that reflects a 15.3 percent increase from numbers reported at the height of the recession, in December 2008. Analysts see the trend continuing through the rest of this year, as spending will likely be encouraged by a Social Security tax cut and continuing decline in the nation's jobless rate.
Consumer spending a very closely monitored economic factor, as it accounts for just over two-thirds of the overall economy. Among the various retail industries, auto sales enjoyed the biggest increase in February, with sales growing 2.3 percent in the industry as the overall economic recovery continues and a declining number of people are out of work. Many of the biggest US auto manufacturers offered steep discounts to spur sales in the month, and all the major players reported double-digit gains for the month.
US retail sales grew in February for the eight month in a row, climbing about 1 percent, according to a report issued Friday by the Commerce Department. The gain was the biggest in the measure since October, and followed an upwardly revised 0.7 percent increase in retail numbers for January that more than doubled the initial report.
US consumers spent $387.1 billion in January, a number that reflects a 15.3 percent increase from numbers reported at the height of the recession, in December 2008. Analysts see the trend continuing through the rest of this year, as spending will likely be encouraged by a Social Security tax cut and continuing decline in the nation's jobless rate.
Consumer spending a very closely monitored economic factor, as it accounts for just over two-thirds of the overall economy. Among the various retail industries, auto sales enjoyed the biggest increase in February, with sales growing 2.3 percent in the industry as the overall economic recovery continues and a declining number of people are out of work. Many of the biggest US auto manufacturers offered steep discounts to spur sales in the month, and all the major players reported double-digit gains for the month.
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