Retail sales up in February
Retail sales in the United States increased last month as consumers took advantage of more favorable weather conditions, Bloomberg reported.
Purchases climbed by 1 percent in February from January, according to the latest figures from the U.S. Department of Commerce.
“The numbers are consistent with consumers spending at a slower pace than the fourth quarter, but still a solid pace,” said Julia Coronado, a chief economist with BNP Paribas in New York.
Automobile dealerships saw a 2.3 percent increase in sales last month as car purchases climbed to a 13.38 million unit annual pace, the best rate since the federal government’s cash-for-clunkers program in August 2009.
“Growing consumer confidence combined with pent-up demand will continue to have a positive influence on industry sales going forward,” Donald Johnson, vice president for North American sales at Detroit-based General Motors Co., said on March 1.
Sales excluding automobiles increased 0.7 percent in February from January.