UpInArms
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Wed Apr-13-05 08:41 AM
Response to Reply #10 |
31. March Retail Sales Weaker Than Expected |
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http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=8168476WASHINGTON (Reuters) - U.S. retail sales rose 0.3 percent in March, the Commerce Department said on Wednesday, falling short of expectations after a sharp downturn in department store and clothing sales.
Wall Street had forecast a 0.7 percent rise in retail sales last month due to higher gasoline prices and based on assumptions that consumers would stock up on spring clothing. February's number was unchanged at up 0.5 percent.
Economists scrutinize retail sales as the key to consumer spending, which in turn makes up two-thirds of U.S. economic output. The numbers give a clue to how households were coping with sizzling oil prices at the end of the first quarter.
Higher energy costs are a tax on household budgets that can crimp spending. Clothing sales declined 1.9 percent while department store sales were off 2.0 percent.
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