0.5% Rise For Retail
Retail sales in the U.S. went up 0.5% last month helped by demand for automobiles.
Analysts had predicted a 0.8% jump, but the disappointment was partially made up by the government’s revised estimate for January.
An Associated Press article says:
“For February, auto sales rose by 0.7 percent, recouping part of the 2.1 percent plunge in sales that occurred in January. The drop reflected a reduction in the incentives that auto dealers had offered in December in an effort to reduce their inventories of unsold cars.
In a separate report, the Commerce Department said that inventories held by businesses on their shelves and back lots increased 0.9 percent in January, a significant acceleration from a 0.2 percent inventory increase in December. Analysts had been expecting a strong advance reflecting business efforts to restock shelves in anticipation of further strong gains in sales.”
WebProNews | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.