US retailers saw solid sales growth in March as an earlier Easter and unseasonably warm weather saw a rise in consumer spending.
According to the National Retail Federation, March retail industry sales (excluding automobiles, gas stations and restaurants) increased 6.6 percent year-on-year.
The spending spree coincides with a surge in cargo traffic in March at the ports of Los Angeles and Long Beach, fuelling hopes that the US economic recovery is gaining strength despite worrisome signs overseas.
"Consumers have demonstrated the desire and ability to spend on discretionary items, further helping to spur economic and retail sales growth in the first quarter of 2012," said NRF president and CEO Matthew Shay.
"While retailers will wait until the end of April to gauge the success of the spring shopping season, it's evident that consumers are holding their own against rising gas prices and other economic concerns." |
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Source: cargonewsasia
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