Economy Watch: Retail Sales See Healthy Uptick in March
Economy Watch: Retail Sales See Healthy Uptick in March
Retail Sales Rose 0.6% in March
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.
In other news, insider Alexander Dimitrief bought 2,689 shares of the business's stock in a transaction on Monday, January 29th. On Tuesday, February 20 the stock of Portland General Electric Company (NYSE:POR) earned "Neutral" rating by Bank of America.
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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 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.
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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.
Longtime Pittsburgh Steelers linebacker James Harrison has announced his retirement, and this time he's says it's final. At the end of the season, he entered free agency. "I've missed way too much for way too long...and I'm done".
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A win would take the league leaders 14 points clear of second-place Atletico Madrid, who play on Real Sociedad away on Thursday. A serious hamstring injury within his first few matches has restricted the Frenchman's chances of impressing this season.
Average gas prices are 30 cents more than past year
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 .
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Those in need of counseling can contact the University Counseling Center or the Dean of Students Office, 607-777-2804. Several people have been interviewed overnight by investigators from multiple agencies, university officials said.
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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.
Sega Ages is coming to the Switch
The section about the Pokemon Nintendo Switch game suggests that the upcoming game will feature brand new generation eight Pokemon .
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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.