13 March 2012, 17:43  U.S. retail sales in February rise at their fastest pace since September

A strong performance in the automotive sector fueled a surge in U.S. retail sales in February, according to figures released Tuesday by the Commerce Department. Commerce Department figures put retail sales levels for February at a seasonally adjusted level of $407.8 billion, a 1.1 percent increase over January levels. Sales rose at their fastest pace since September, with the sale growth coming in roughly in line with economist estimates. The increase comes atop revised figures showing a 0.6 percent increase in January retail sales compared to the 0.4 percent increase initially reported. Peter Boockvar, managing director at Miller Tabak, said, "Bottom line, sales over the past two months were good as the labor market improves but also weather was great in many parts of the country over the past few months so we'll see over the next few months what was pulled forward as a result." Compared to February of 2011, retail sales are up 6.5 percent. A 1.6 percent increase in sales of motor vehicles and parts contributed to the overall increase in sales along with a 3.3 percent increase in sales at gasoline stations. Non-automotive retail sales still posted a robust 0.9 percent increase, while retail sales excluding gasoline rose by 0.8 percent. Excluding both auto and gasoline sales, retail sales were up 0.6 percent, matching the predictions of most economists. Clothing and department stores, along with sporting goods, hobby, book and music stores all saw notable increases in sales in February, while sales at furniture and home furnishing stores fell by 1.2 percent.

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