Retail sales show the US recovery is in the bag

A strong showing in retail sales highlights the resilience of the US economy after earlier setbacks, and should give the Fed confidence to end its asset purchases sooner rather than later.

The few remaining concerns about the US economy were washed away overnight with retail sales rising strongly in March to offset a weather-affected start to the year. Nevertheless, household spending is set to be soft when GDP is released later this month but is widely expected to drive the US economy over the remainder of 2014.

Retail sales rose by 1.1 per cent in March, easily beating expectations, to be 3.8 per cent higher over the year. This follows growth of 0.7 per cent in February -- upwardly revised from an initial 0.3 per cent gain.


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