Retail Sales Up 0.7%
Retail sales rose 0.7% from February to March 2007 and retail sales excluding automobiles rose 0.8%, according to a Commerce Department report released Monday. The March 2007 figure of $371.6 billion for total retail sales was up 3.8% from March 2006.
Business inventories rose 0.3% in February and total sales rose 0.4%, according to the Commerce Department. February business inventories of $1,368.5 billion were 5.9% above year ago levels, while sales of $1,060.5 billion were 2.9% above year ago levels. The inventory-to-sales ratio was 1.29.
Inventories rising slightly faster than sales provide some indication of continuing relief from inflationary pressures, while strong retail sales growth indicates continued strength in the consumer sector of the economy.
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