WASHINGTON, April 18 (Xinhua) -- As the growth rate of retail sales rebounded from negative to positive in March, expectations for the U.S. economy could be improved, the U.S. National Retail Federation (NRF) said on Thursday.
Citing a report released by the U.S. Census Bureau on Thursday, experts from the retail trade association said that the sales numbers in March could have been better if not for cold weather in early March and changes in the timing of two holidays, namely Easter and Passover.
"The change of seasons is always a factor because of the weather, and a later Easter and Passover this year mean holiday-related sales that took place in March last year won't come until April this year and sizably impact year-over-year comparisons," said Jack Kleinhenz, chief economist of NRF.
U.S. retail sales in March rose 1.6 percent from the previous month, making up for the monthly loss of 0.2 percent in February, according to a report released by the Commerce Department on Thursday.
"March's numbers are very encouraging and set the stage for improved expectations for the economy in the coming months, especially since the first quarter is typically weak," said Kleinhenz.
"These numbers boost first-quarter performance and suggest a strong consumer. It is clear that underlying consumer fundamentals including job and wage growth and healthy household balance sheets continue to support spending," Kleinhenz added.
Year-over-year, online and other non-store sales increased 9.2 percent, and sales at health and personal care stores rose 1.6 percent.
However, sales at electronics and appliance stores and sporting goods stores dropped 4.1 percent and 10.8 percent respectively. Enditem
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