Thursday, March 22, 2012
Retail sales disappoint
Posted by David Smith at 10:30 AM
Category: Thoughts and responses

A 0.8% drop in retail sales volume in February was disappointing, as was the downward revision of the January increase from 0.9% to 0.3%. To be fair, retailers have been surprised by the strength of the official numbers, given the surveys, so a weaker number was perhaps to be expected: these things have a habit of catching up.

Barring a very weak March number, first quarter retail sales volume should be up on the fourth quarter of 2011. Volumes in December-February were up by 0.7% on the previous three months and the January-February average is 0.3% up on the fourth quarter average. Even so, a setback. More here.