A Retail Nightmare

NEW YORK — So much for new spring shorts and T-shirts. As cold weather lingered across most of the country, Americans shopped modestly in March. U.S. retailers reported a key revenue figure rose slightly during the month, as shoppers held back on spending because of the cold weather across the nation, particularly the Midwest and East Coast, and continued fears about the economy. Economists monitor consumer spending because it accounts for more than 70 percent of economic activity.

Government statistics on November retail sales don't come out until tomorrow, but Mastercard Advisors today released its own November retail sales data today, based on consumers' spending behavior on Mastercard credit cards. SpendingPulse data reveals that consumers spent 5.5 percent less in the month of November they did at the same time last year. Don't like that number? Okay, then consumers spent the same amount they did in November 2007.

Like-for-like sales on the high street rose 1.9pc, according to figures from the British Retail Consortium and KPMG, soothing concerns about the damage that the cold weather has done to the British economy. Helen Dickinson, director-general of the BRC, said the performance, which compares with a 2.7pc rise in February, was “not a disaster”. Low temperatures and snowfall led to the UK enduring its second coldest March on record last month. Data from accountancy firm BDO at the weekend suggested that retailers had a torrid time.

Good news, bad news on the economic front this morning. The good news: December advance retail sales rising 0.5% on expectations of a 0.2% increase, up from a 0.4% revised November print. Excluding the volatile auto sales, the number was up 0.3% on expectations of a 0.2% increase, and up from a 0.1% decline. Excluding autos and gas, the print was 0.6%, on expectations of a 0.4% increase. The biggest increase in December retail sales by category was in food services and drinking places which rose 1.2% in December, the same as November.

Following all the glowing retail sales reports for Christmas, the actual numbers reported today show a mere .1% rise. Excluding autos which rose 1.5%, retail sales actually declined. MarketWatch reports U.S. retail sales rise scant 0.1% in December Sales at U.S. retailers increased 0.1% in December, the government said Thursday, in a report that bucked expectations of stronger sales during the holiday period.

WASHINGTON — U.S. retail sales rose more than expected in February as Americans bought motor vehicles and a range of other goods even as they paid more for gasoline, suggesting consumer spending this quarter will hold up despite higher taxes. The Commerce Department said on Wednesday retail sales increased 1.1%, the largest rise since September, after a revised 0.2% gain in January. Economists polled by Reuters had expected retail sales, which account for about 30% of consumer spending, to rise 0.5% last month after a previously reported 0.1% gain in January.

WASHINGTON — Americans cut back on spending at retail businesses in October, an indication that some remain cautious about the economic outlook. Superstorm Sandy also depressed car sales and slowed business in the Northeast at the end of the month. The Commerce Department said Wednesday that sales dropped 0.3 percent after three months of gains. Auto sales fell 1.5 percent, the most in more than a year. Excluding the volatile categories of autos, gas and building materials, sales fell 0.1 percent. That followed a 0.9 percent gain in September for that category.