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April 13, 2004
Retail Sales Report
Posted by Jon Henke
Good economic news...
Sales at U.S. retailers rose 1.8 percent in March, the biggest increase in a year, led by purchases of autos, furniture and building materials, a government report showed.
Last month's gain, the largest since March 2003, followed a revised 1 percent increase in February, the Commerce Department said in Washington. Excluding autos, sales jumped 1.7 percent, the biggest increase in four years, after a 0.6 percent rise a month earlier. Purchases of building supplies and garden equipment rose the most on record. Good news on a number of levels:
1: Even excluding auto sales, retail sales were up sharply...so growth was broad.
2: Due to a revision in the January-February data, this is the second straight month of 1%+ retail sales growth....a good trend.
3: Tax refunds have just begun to filter into the system, so we can probably expect a slightly more energetic rate of spending in upcoming months. Businesses are sure to know this, and react accordingly. Inventory replacement? Additional hiring? They could be coming.
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