WASHINGTON: US retail sales rebounded in February and new applications for unemployment benefits hit a fresh three-month low last week, suggesting some strength in the economy after harsh weather abruptly slowed activity in recent months.
The Commerce Department said retail sales increased 0.3 percent last month as receipts rose in most categories. That followed a revised 0.6 percent drop in January and ended two straight months of declines.
“The consumer appears to be back in the game,” said Millan Mulraine, deputy chief economist at TD Securities in New York. “We see this as further confirmation that the underlying momentum in the economy remains quite favourable, and we look for further upside spending momentum in the coming months.”
In a separate report, the Labour Department said initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 315,000.Reuters
