Retail Sales Show Surprising Spike in February

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The recovery from “The Great Recession” got another shot in the arm today, with a surprising increase in consumer sales for February.

Retail sales actually rose 0.3 in February said the department of commerce.  A 0.2 loss was expected.

Excluding autos sales, consumer sales increased by 0.8, the overall gain was held back by a 2 percent decline in autos relating to recalls at Toyota.

Gains outside of auto were widespread, including rises in department stores, furniture stores, appliance shops and hardware stores.  Local eateries and watering holes enjoyed a 0.9 percent increase as Americans ventured out for a respite from their homes.

Consumer spending is always high on the watch list, as it is 70 percent of total economic activity.

There was a broad array of spending as customers spent money from Nordstrom’s to Macy’s to Target.  These three stores all reported gains and beat economists’ forecasts.

Some economists speculate that this type of economic data will embolden companies to begin hiring laid-off workers, which will only increase consumer spending and help maintain our economic recovery. 

Image courtesy of the Associated Press.