Retail Sales Pick Up in March

Washington, DC, April 14, 2010--Retail sales rose for the third straight month in March, helped in part by better sales of building materials.

Sales rose 1.6% in March, the Commerce Department said Wednesday, totaling $363.2 billion. It was the fifth gain in the past six months. Retail sales are 7.6% higher compared to one year ago.

In March, most retailers recorded month-to-month sales increases. The only ones to post declines were gas stations and electronics and appliance stores.

At the current pace, consumer spending is on track to increase at an annualized rate of 3% or more in the first quarter, which would be the best growth in three years.

Overall retail sales were better than forecast. Economists predicted sales to climb 1.3%.

Retail sales in February, meanwhile, were revised higher to a 0.5% increase from an original estimate of 0.3%.

Sales of building materials climbed 3.1% -- the biggest gain since November 2007 -- to indicate a pickup in construction as the weather improves.