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Leadership
Surprise rise in US retail sales despite snowstorms
12.03.2010
US retail sales posted a surprise rise during February, despite expectations from analysts that falling car sales and the snowstorms which hit the east coast last month would impact on consumers.
However, US consumers appeared undeterred by inclement weather, Toyota recalls and lack of a car-scrappage scheme to incentivise auto purchases, getting out in sufficient numbers and with enough spending power to see the country’s retail sales rising by 0.3pc.
Economists surveyed by Dow Jones Newswires had forecast a 0.3pc decrease, while analysts polled by Reuters were pretty much on the same page, predicting a 0.2pc fall in retail sales.
US Federal Reserve officials are due to meet next week and it is expected they will hold interest rates in an attempt to encourage the US recovery to gather some momentum.
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