Auto Rebound Gives US Retail A Bounce In March

Auto rebound gives US retail a bounce in March

Auto sales surged in March, sending the US retail sector higher for the first time in four months, helped by increased spending in other areas, according to government data released Monday.

Washington, United States, (Pakistan Point News - 16th Apr, 2018 ) :Auto sales surged in March, sending the US retail sector higher for the first time in four months, helped by increased spending in other areas, according to government data released Monday. Consumers snapped up electronics, shopped online and frequented bars and restaurants, but sales sagged at department stores, gas stations and clothing outlets, according to the Commerce Department report. The higher spending could support GDP growth in the first quarter, which is expected to be sluggish. Retail spending in the world's largest economy gained 0.6 percent for the month, rising to $494.6 billion, overshooting economists' expectations and marking the biggest gain since November. The result put sales up 4.5 percent over the same month last year, pointing to a trend of steady overall increases.