Retail Sales Weak In March
Retail sales didn't meet the expectations of economists' forcast of a 0.7% rise in retail sales last month. After a sharp downturn in department store and clothing sales, retail sales only rose 0.3% in March. The Commerce Department seemed so shocked about this but thinking about it, why would they be? it's just a transfer of where the money is being spent. It's on gas! Sales at gasoline stations pushed ahead, rising 2.1%, which reflects the impact of higher prices on oil. So all of this doesn't really take me by surprise.