US Retailers Report Stronger Sales
The US Commerce Department has released a report showing the US retail sales have increased by 1.6 percent last month, higher than the previous forecast.
This improvement is caused by the growing domestic demand the country is experiencing.
US retailers have reported a 1.6 percent increase in sales last month, higher than the previous forecast, according to a recent survey released Wednesday by the US Commerce Department.
The sale increase, which is the highest in seven months, has been interpreted by some analysts as proof of the economic recovery despite several drawbacks such as high unemployment rate, tight access to credit loan, and widespread pessimism among small business owners.
In January, the US sales have already experienced an increase of 0.5 percent from 0.3 percent during the previous month as more consumers have purchased cars and a wide range of goods.
Several analysts also believe the improving retail sales was attributed to government’s cost-cutting measure and federal stimulus which mainly targets large companies that employ a large number of workers.
“The US is looking right now to a self-sustained recovery as the retail industry in the country is going to the right direction”, PNC Financial Services senior economist Robert Dye said in an interview with a newspaper.
Meanwhile, US Federal Reserve chairman Ben Bernanke said the country is expecting an increase in domestic demand which can result to more economic activities and rebuild inventories.
However, the official warned that the economy is still in shaky condition, adding that the government should further implement policies that can help the country to recover from economic downturn.
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