Norman — Retail sales analysts are scratching their collective heads on this one. Despite massive snowstorms disrupting much of the country, consumers still went on spending sprees in February. The retail sales increase, coupled with a small one in January, provides hope recovery from the Great Recession is gaining momentum.
It was less than half a percentage point but the Commerce Department said the increase was the biggest increase since November. The government had predicted sales would be off by about the same amount as the gain.
If automobiles are taken out of the equation, the Associated Press reports, overall sales would have gained nearly an entire percentage point. The month was characterized by a string of recall announcements for Toyota.
Outside of automobiles, gains were posted at department stores, furniture stores, appliances and hardware stores. Restaurants and bars posted good months, too.
Consumer spending makes up 70 percent of the nation’s economy. Buyers are reluctant to commit on big-ticket items like appliances and furniture if they aren’t secure with their employment.
