Tuesday, March 13, 2012

Consumer spending up despite higher gas prices

Americans might complain about higher gas prices, but new government data show that hasn’t stopped them from driving to the mall.

The Commerce Department reported Tuesday that retail sales climbed 1.1 percent in February compared with the previous month. Consumers pulled out their wallets for new cars and clothes, electronics and sporting equipment despite spending 3.3 percent more at gas stations. The results boosted estimates of how fast the economy is growing, particularly as it comes on the heels of data showing a strengthening job market.
Read the rest here.

1 comment:

Eurasleep said...

Americans are still driving to the mall; just malls closer to home. Here in Italy we pay $10/gallon, so I don't have much sympathy, especially when our Presidents from both parties refuse to pump domestic oil or develop/promote alternative sources of fuel. The fact that diesel is so expensive in the US is criminal. In the rest of the world diesel is the cheapest and gets the best mileage.