US retail February performance beats analysts' expectations

US retail sales unexpectedly rose last month, lifting optimism on the economic outlook, reported Dow Jones.

Retail sales rose last month by 0.3 per cent, the US Commerce Department said Friday as electronic store sales soared. Economists surveyed by Dow Jones Newswires had forecast a 0.3 per cent decrease.

Excluding the car sector, all other retail sales rose 0.8 per cent. Economists had forecast a 0.1 per cent increase.

Retail sales data, released just before next week's Federal Open Market Committee rate policy meeting, are an important indicator of consumer spending. Consumer spending makes up 70 per cent gross domestic product, which is the broad measure of American economic activity.

"This is a stronger-than-expected report across the board, mildly offset by downward revision to January. The market is clearly feeling this with prices lower across the board," said David Ader, head of government bond strategy at CRT Capital Group LLC.

(Source: www.schednet.com)