Published: Mon, April 16, 2018
Business | By Tara Barton

Furniture sales climb 3.9% in March

Furniture sales climb 3.9% in March

That's more than double the overall retail sales gain in the past 12 months of 4.5 percent.

Last month's pick-up in core retail sales did little to change expectations of a sharp slowdown in consumer spending in the first quarter. Compared with previous year, however, vehicle sales didn't make that much difference: total retail sales were 4.5 percent higher when auto sales are factored out. "People were so built up on the economy and tax cuts, but our view is that it's more steady than acceleration".

Increases for those categories, together for autos, economists at Barclays Research said, was likely due to the fall in tax withholding rates.

Sales at gasoline stations declined 0.3% during March after growing 0.1% in February.

Consumer spending, which accounts for more than two-thirds of USA economic activity, grew at a robust 4.0 percent annualised rate in the fourth quarter.

"We believe those forces will remain supportive for consumption in the second quarter, and after today's number remain comfortable with prospects for a rebound in household outlays this quarter". The economy expanded at a 2.9 percent pace in the October-December quarter.

Anticipated $0.31 EPS for Paylocity Holding Corporation (PCTY) on May, 3
In current trading day Paylocity Holding Corporation ( PCTY ) stock confirmed the flow of -1.15% with the final price of $54.05. On Friday, October 27 the stock of Paylocity Holding Corporation ( NASDAQ : PCTY ) has "Buy" rating given by Northland Capital.

Sales at home furnishing stores rose 0.7 per cent, and were up 0.5 per cent at electronics stores.

Thus, following Monday's report, Barclays's tracking estimate for first quarter US GDP growth fell from an annualised pace of 1.8% to 1.5%. Sales at nonstore retailers grew 0.8% following February's 0.9% increase. The 0.3% sequential increase from February to March was ahead of the 0.2% gain from January to February, as well as the 4.3% annual jump in February.

Sporting goods stores were down 0.9% year-over-year and down 1.8% from February seasonally adjusted.

NRF reported a 0.3% annual gain on a seasonally-adjusted basis from February to March, with annual retail sales in March up 5%.

The National Association of Home Builders/Wells Fargo builder sentiment index for April, released Monday, fell one point to 69.

"This is a healthy spending report despite market volatility, unseasonable weather and to uncertain economic policies", said NRF chief economist Jack Kleinhenz.

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