Retail Sales Jump in March

April 16, 2012  by in UnCategorized   

By Home Furnishings Business in economic news on April 17, 2012

An early Easter and warm weather helped retail sales grow 6.6 percent in March compared with the same month last year according to the National Retail Federation.

Furniture and home furnishings stores sales did even better, rising 1.1 percent seasonally adjusted month-to-month; and 7.9 percent unadjusted year-over-year.

NRF excludes automobiles, gas stations and restaurants from U.S. Department of Commerce retail totals.

In addition to the 6.6 percent unadjusted year-over-year increase, retail sales were up 0.8 percent, seasonally adjusted, from February.

"Consumers have demonstrated the desire and ability to spend on discretionary items, further helping to spur economic and retail sales growth in the first quarter of 2012," said NRF President and CEO Matthew Shay. "While retailers will wait until the end of April to gauge the success of the spring shopping season, it€™s evident that consumers are holding their own against rising gas prices and other economic concerns."

March retail sales, released Monday by the U.S. Department of Commerce, showed total retail sales (which includes non-general merchandise categories such as automobiles, gasoline stations and restaurants) increased 0.8 percent adjusted month-to-month and 7.4 percent unadjusted year-over-year.

"Moderate retail sales growth in March will help to offset murkier recent economic employment data," NRF Chief Economist Jack Kleinhenz said. "We expect to see gains through the all-important summer months, but job and weak income growth coupled with stubbornly high gas costs will continue to force consumers to make tough, price-sensitive choices."

Other findings from the March retail sales numbers include:
* Building material and garden equipment and supplies dealers' sales increased 3.0 seasonally-adjusted month-to-month and 12.4 percent unadjusted year-over-year.
* Clothing and clothing accessories stores sales increased 0.9 percent seasonally adjusted month-to-month and 12.5 percent unadjusted year-over-year.
* Sporting goods, hobby, book and music stores€™ sales increased 0.5 percent seasonally-adjusted month-to-month and 8.9 percent unadjusted year-over-year.