U.S. retail sales increased by the most in 1-1/2 years in March as households bo...
WASHINGTON - U.S. retail sales increased by the most in 1-1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start.
“The rebound in retail sales underscores that the domestic outlook remains favorable and well-supported by the labor market, and it dispels the misguided concerns that the U.S. economy is slipping into recession,” said Kathy Bostjancic, head of U.S. macro investor services at Oxford Economics in New York.
Consumer spending accounts for more than two-thirds of economic activity and is being buoyed by a tightening labor market that is driving up wage growth. As a result of March’s strong core retail sales, the Atlanta Fed raised its first-quarter GDP estimate by four-tenths of a percentage point to a 2.8 percent annualized rate.
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