U.S. Retail Sales Up 1.1% in February

March 12, 2013  by in UnCategorized   

By Aggregated Content in economic news on March 13, 2013 from http://www.myfoxdc.com/story/21627893/us-retail-sales-up-solid-11-percent-in-february#axzz2NQMd66z3

Americans spent at the fastest pace in five months in February, boosting retail spending 1.1 percent compared with January. About half the jump reflected higher gas prices, but even excluding gas purchases, retail sales rose 0.6 percent.

The report Wednesday from the Commerce Department showed that Americans kept spending last month despite higher Social Security taxes that took effect this year. The retail sales report is the government's first look each month at consumer spending, which drives about 70 percent of economic activity.

 

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