US Retail Sales Post Solid End To 1Q11

Retailers in the U.S. posted strong sales in the last month of the first quarter despite certain negative temporary factors, boosting hopes for an accelerating economic recovery, according to The Wall Street Journal.

Retailers in the U.S. posted strong sales in the last month of the first quarter despite certain negative temporary factors, boosting hopes for an accelerating economic recovery, according to The Wall Street Journal. On Thursday, Thomson Reuters reported that the 25 retailers tracked in its survey of the sector saw a 1.7% increase in same-store sales during March, defying economists’ expectations for a 0.7% decline. The robust sales in March figures came despite a late Easter holiday, as well as surging energy prices and unseasonable weather.

The National Retail Federation said that consumer spending over the Easter holiday is expected to grow by 11% compared with last year, and the group’s president Matthew Shay said the gain is “a good sign leading into the much busier and important months to come.” According to Bloomberg, Atlanta Federal Reserve president Dennis Lockhart has urged “patience as regard monetary policy,” even as the latest economic data suggest the recovery is gaining momentum. Lockhart forecast for “a continuing moderate pace of expansion,” which he added would likely “bring down the level of unemployment.” However, he said that despite improvements, the country’s economic growth “continues to require support.”

Click here to read the story on retail sales from The Wall Street Journal.

Click here for coverage of Lockhart’s comments from Bloomberg News.