Economy Watch: Retail Sales See Healthy Uptick in March
Economy Watch: Retail Sales See Healthy Uptick in March
US President Donald Trump's heaviest tariffs on goods from China where shipping containers are
16 April, 2018, 22:09
Non-store retailers - primarily e-commerce and catalog businesses - and gas stations tied for the best gain, each with sales up 9.7% from March a year ago.
Last month's pick-up in core retail sales did little to change expectations of a sharp slowdown in consumer spending in the first quarter.
Retail sales were up 0.6 percent for March - more than expected and a figure considered significant by most analysts. Some also argue that income tax cuts, which came into effect in January, only reflected on most workers' paychecks in late February.
Increases for those categories, together for autos, economists at Barclays Research said, was likely due to the fall in tax withholding rates.
Gas station receipts fell by 0.3 percent in March - the largest drop since July - largely due to cheaper gasoline.
Consumer spending, which accounts for more than two-thirds of US economic activity, grew at a robust 4.0 percent annualised rate in the fourth quarter. But most expect it will rebound in the second quarter and top 3 percent.
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Non-store retailers like Amazon continued to gain, rising 0.8 per cent for the month, putting them up almost 10 per cent over March of a year ago.
Economists forecast overall economic growth slowed to below 2 percent at an annual pace in the first quarter, after a 2.9 percent gain in the fourth quarter. Sales at furniture stores climbed 0.7 percent while those at electronics and appliance stores increased 0.5 percent. Sales at building material and garden equipment and supplies stores were off 0.6 percent for the month, though they were up 5.3 percent for the year.
The higher spending could support GDP growth in the first quarter, which is expected to be sluggish.
The other major winning retail category for the month was health and personal care stores, which spiked 1.4 percent compared with February. Bars and restaurants gained 0.4 per cent. The survey's measure of future business conditions dropped to a more than two-year low.
"This is a healthy spending report despite market volatility, unseasonable weather and to uncertain economic policies", said NRF chief economist Jack Kleinhenz.
But that's 26 cents higher than previous year and would be the highest average summer price in the US since 2014. Nationally, the price of unleaded gas as of Monday morning was $2.71 a gallon, according to AAA .
The average male driver between 17 and 20 pays on average £2,348 per year, compared to just £1,699 for women of the same age. On a quarterly basis, the 7% fall is recorded as the steepest in four years.
Today, though, the United States government has banned U.S. companies from selling to the Chinese company. The U.S. government had allowed the company continued access to the U.S. market under the 2017 agreement.
The Eagles chose to send a clear message to its roster of players by coming down hard on 23 year old Daryl Worley. Philadelphia did not absorb a financial penalty by cutting Worley and saved $670,000 against the salary cap.
Editor's Note: This is a developing story , we are working to get more information and will bring you updates here on NBC29.com. The Federal Aviation Administration and the National Transportation Safety Board were notified of the crash, police said.
Adding yet another feather to its cap, action thriller film Baaghi 2 has crossed the coveted Rs 150 crore-mark. The mass pockets/single screens remain the main contributors... "India biz", film critic Taran Adarsh tweeted.
Finally, WealthTrust Fairport LLC increased its holdings in shares of Amazon.com by 8.1% during the second quarter. Pictet North America Advsr Sa accumulated 1,527 shares. (NYSE:GS) on Tuesday, January 3 with "Equal Weight" rating.
Amazon collects sales tax on its own products , but not on other businesses' products that are sold through its website. There are billions of dollars of tax revenue at stake here, as well as a huge potential burden on small businesses.
The Humboldt County Sheriff's Office also searched with its jet boat with a side scan sonar system, sheriff's officials said. The CHP received reports of a submerged SUV along Highway 101 south of Dora Creek about 1:10 p.m. on April 6.
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