March retail sales, producer prices up after months of decline

Washington

US retail sales rose in March for the first time since late last year as consumers bought vehicles and other goods, bolstering views that a sharp slowdown in economic growth in the first quarter was temporary. Producer prices were also up for the same month after four straight months of declines.

The Commerce Department said on Tuesday that retail sales increased 0.9 per cent. That was the largest gain since March last year and snapped three straight months of declines that had been blamed on harsh winter weather. Sales in February were revised to show a 0.5 per cent drop instead of the previously reported 0.6 per cent decline.