BizNomic

Adding on to the happy numbers released yesterday by RealtyTrac Inc, reports released by the Commerce Department, claim that the retail sales posted a gain of 0.3% last month. December’s result was adjusted downwards to 0.1% growth from 0.5%.

Economists surveyed by Dow Jones Newswires had forecast a 0.3% decrease. Infact, prior to the results, economists painted a sorry picture for the results. Ellen Zentner from BTMU said  “Blame Toyota, but mostly blame the weather because we expect a -3.3% decline in motor vehicle sales in February and that’s going to be the biggest drag on overall retail sales, but weather also depressed other areas of spending as snowstorms and all-around nasty weather hit the country over and over again throughout the month.” However, excluding the car sector, all other retail sales rose 0.8%.

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