Sales, reduced employment buoy retailers
Monthly retail sales figures for March were up 0.4 percent over February and 7.1 percent over March 2010, according to U.S. Commerce Department figures released Wednesday.
Retail sales excluding auto sales rose 0.8 percent over the previous month and 6.5 percent over March 2010.
Modest job growth gave consumers reason for optimism and tax refunds provided some extra discretionary income, said the Retail Industry Leaders Association.
'Consumers and retailers fared well in March and showed resilience in the face of higher prices at the pump,' RILA President Sandy Kennedy said in a statement.
Furniture and home furniture retailers led the way in March with a 3.6 percent increase, followed closely by building material retailers (2.2 percent) and electronics retailers (2.1 percent).
The U.S. Labor Department reported the economy added 216,000 jobs in March with unemployment dropping to 8.8 percent, the lowest level since March 2009.
'There is no doubt the improving labor market contributed greatly, and while some uncertainty lingers, I think it is safe to say that the recovery appears to be gaining traction and retailers have a lot to look forward to as consumers begin to release pent-up demand,' Kennedy said.
Sales, reduced employment buoy retailers
