Shoppers shake off high gasoline costs in February |
| Reuters - Mar 11, 2011 |
Retail sales posted their largest gain in four months in February as shoppers stepped up purchases of autos, clothes and other goods even as they spent more for gasoline.
Friday's report from the Commerce Department pointed to strong consumer spending and acceleration in economic growth in the first quarter.
Total retail sales rose 1.0 percent, the Commerce Department said on Friday, the largest gain since October and the eighth straight monthly advance. The rise was in line with economists' expectations.
January sales were revised up to a 0.7 percent increase from a previously reported 0.3 percent gain. Compared to February last, sales were up 8.9 percent.
"Consumer spending is still expanding at a healthy pace. Some of the strength we saw during the holidays continued into this year. That bodes well for the economy remaining on track for recovery," said Gary Thayer, chief macro strategist at Wells Fargo Advisors in St. Louis.
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- Posted: 2011-03-11 09:25:55
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