ibusinesslines.com
ibusinesslines.com October 15, 2018


Economy Watch: Retail Sales See Healthy Uptick in March

16 April 2018, 11:04 | Kelvin Horton

Economy Watch: Retail Sales See Healthy Uptick in March

President Donald Trump signed a presidential memorandum imposing tariffs and investment restrictions on China a month

Auto sales surged in March, sending the U.S. retail sector higher for the first time in four months, helped by increased spending in other areas, according to government data released on Monday (Apr 16).

U.S. retail sales rose for the first time in four months in March, boosted by a large increase in automobile purchases, but in real terms were weaker than expected by some economists. Economists surveyed by The Wall Street Journal expected a 0.3% increase.

Retail sales in March were up slightly from February to March, with annual increases seeing better gains, according to data issued today by the United States Department of Commerce and the National Retail Federation (NRF).

The other major winning retail category for the month was health and personal care stores, which spiked 1.4 percent compared with February. 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 following a quarter-point hike in March. "If you look at the quarter as a whole, we're not breaking out from the kind of real spending numbers we've seen the last several years". Sales at non-store retailers grew 9.7 percent year-on-year, led by sound rises in online shopping.


Grocery and beverage stores were up 5.9% year-over-year and up 0.2% from February.

Consumer optimism is high due to factors like job market strength, rising wages, lower taxes and the receipt of tax refunds. Sales also dropped at gasoline stations, but rose modest on a year-on-year basis by 10 percent. March snapped a three-month stretch of sequential declines for monthly retail sales.

Core retail sales - excluding automobiles and parts - rose 0.2%. The numbers for March suggest consumers are once again willing to spend that to a mixture of good economic news and the impact of the tax cuts passed late previous year.



Other News

Trending Now

Several Afghan soldiers killed in border clashes with Pakistan
The bodies of the two Pakistanis were found on the Afghan side of the border near Pakistan's tribal belt, Zadran told AFP. Afghanistan does not recognize it as an worldwide border and has objected to new fortifications being built by Pakistan.

97% normal monsoon expected for 2018, says IMD
In 2016, good monsoon has led to record production of oilseeds, food grains and also triggered a 4.2 per cent agriculture growth. IMD will update its forecast in early June with numbers on month and region-wise distribution of the monsoon.

How to watch the Boston Marathon
Swiss Marcel Hug won his fourth consecutive wheelchair division, clocking 1:46:26 to beat South African Ernst Van Dyk (1:47:14). The 122nd Boston Marathon takes place today five years after bombs were set off at the finish line of the race.

Russia fails in UN bid to condemn strikes
Our warnings have been left unheard". "Insulting the President of Russian Federation is unacceptable and inadmissible", he added.

China's Sina Weibo Reverses Ban on Gay Content After User Uproar
The initial post announced a three-month "clean-up" targeting pornographic, "bloody violence" and homosexual content for deletion. Netizens cheered the reversal. "The response shows that we LGBT people in China are slowly realizing our rights", Hua said .

Kansas City Royals vs. Los Angeles Angels
CINCINNATI - Jose Martinez drove in six runs and Yadier Molina homered in his return from a one-game suspension, powering St. According to oddsmakers at YouWager , the Angels are favored on the road, as they are getting odds of -145 to prevail.

How Jurgen Klopp kept Liverpool focussed for Bournemouth match
The benchmark for Liverpool performances was set 30 years ago. But Klopp warned: 'I don't just want to be the entertainer. His boss, Jurgen Klopp , praised Salah's achievement.