According to multiple sources, shopping activity has been increasing.
The Commerce Department recently announced strong growth in retail sales in the US in February. This is the eighth month in a row that retail sales numbers have grown. Sales were up 1% from the previous month, and 8.9% higher than same time last year numbers.
The Commerce Department’s report also said that car sales rose 2.3% in February, clothing and clothing accessories sales were up 0.8%, department store sales were up 1%, and food services/drinking places were up 1.2%.
In an unrelated report, the market researcher NPD group announced that sales of video game consoles and software were up 4% in a February year to year comparison. They reported that the best selling console was the Xbox 360, and that “Call of Duty: Black Ops” was the best selling software both last month and of all time.
In yet another unrelated report, the National Association of Realtors (NAR) announced at the end of last month that sales of existing single family homes were up 2.4% nationwide in January, compared to numbers from the previous month. Up 4.92% from last years same time numbers.
While some economists are pointing at the increase in sales as a sign of an improving economy, others are voicing concerns about rising fuel costs and the possibility of inflation.