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| Version 4 | Version 5 |
|---|---|
| US sees retail sales climb 0.2% | US sees retail sales climb 0.2% |
| (about 3 hours later) | |
| US retail sales edged upwards in March, beating analysts' expectations, according to the Commerce Department. | US retail sales edged upwards in March, beating analysts' expectations, according to the Commerce Department. |
| Retail sales climbed 0.2% in the month, after a 0.4% fall in February, which was revised upwards from a 0.6% fall. | Retail sales climbed 0.2% in the month, after a 0.4% fall in February, which was revised upwards from a 0.6% fall. |
| Consumer spending is closely watched in the US because it accounts for about two-thirds of total economic activity. | Consumer spending is closely watched in the US because it accounts for about two-thirds of total economic activity. |
| However, analysts remained cautious after a consumer survey late last week showed shopper sentiment had fallen to its lowest level in 26 years. | However, analysts remained cautious after a consumer survey late last week showed shopper sentiment had fallen to its lowest level in 26 years. |
| Slowdown | Slowdown |
| The main driver of sales was stronger demand at petrol service stations, where sales climbed by 1.1% in March. | The main driver of sales was stronger demand at petrol service stations, where sales climbed by 1.1% in March. |
| Consumer spending was not as weak as feared, but that is because people are paying a lot more for food and energy Jole Naroff, president of Naroff Economic Advisors | |
| However, analysts warned that the retail sales figures were weak when petrol sales were not taken into account. | However, analysts warned that the retail sales figures were weak when petrol sales were not taken into account. |
| "If we go back to Friday's weak consumer numbers, it bodes ill for retail sales going forward," said Matthew Strauss of RBC Capital Markets. | "If we go back to Friday's weak consumer numbers, it bodes ill for retail sales going forward," said Matthew Strauss of RBC Capital Markets. |
| Rising energy and food prices are taking their toll on consumer spending, while access to credit is becoming harder. | Rising energy and food prices are taking their toll on consumer spending, while access to credit is becoming harder. |
| Christopher Low of FTN Financial pointed out that there was still "weakness in furniture, electronics, building materials and clothing". | Christopher Low of FTN Financial pointed out that there was still "weakness in furniture, electronics, building materials and clothing". |
| Core retail sales, excluding vehicle sales, rose by 0.1%. | Core retail sales, excluding vehicle sales, rose by 0.1%. |
| Demand at department stores and general goods stores were hit by the fact Easter fell unusually early, when weather was bad, making consumers less keen to go shopping. | Demand at department stores and general goods stores were hit by the fact Easter fell unusually early, when weather was bad, making consumers less keen to go shopping. |
| The International Monetary Fund (IMF) recently lowered its world growth forecast for 2008 and said it expected the US to enter a "mild recession" this year. | The International Monetary Fund (IMF) recently lowered its world growth forecast for 2008 and said it expected the US to enter a "mild recession" this year. |
| US stocks were little changed by the economic data. The Dow Jones industrial average slipped 0.01% at 12,323.71 while the Standard & Poor's 500 Index slipped 0.06% at 1,332.00 in early trade. | US stocks were little changed by the economic data. The Dow Jones industrial average slipped 0.01% at 12,323.71 while the Standard & Poor's 500 Index slipped 0.06% at 1,332.00 in early trade. |
| "Consumer spending was not as weak as feared, but that is because people are paying a lot more for food and energy," said Jole Naroff, president of Naroff Economic Advisors. | |
| "There were strong increases in food and gasoline demand, which is likely just the result of the price spikes in these goods." |