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Compared to February 2010, sales were up 8.9 percent
The U.S. Commerce Department reports that total retail sales grew 1 percent in February, reflecting strong consumer spending and acceleration in economic growth in the first quarter.
The growth, which marks the largest increase since October and the eighth straight monthly advance, was in line with economists' expectations, according to Reuters.
January sales were revised up to a 0.7 percent increase from a previously reported 0.3 percent gain.
"Consumer spending is still expanding at a healthy pace,” says Gary Thayer, chief macro strategist at Wells Fargo Advisors in St. Louis. “That bodes well for the economy remaining on track for recovery."
Excluding autos, sales rose 0.7 percent last month after gaining 0.6 percent in January, despite the rising cost of gasoline. Excluding gasoline, sales rose 0.9 percent after rising 0.6 percent in January.
Among retail sectors, sales of clothing rose 0.8 percent, while sporting goods, hobby, book and music stores reported increases of 1.3 percent. Sales at building materials and garden equipment suppliers increased 0.6 percent.
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Retailing is one of the fastest and growing business firm today.that's why many entrepreneurs are clamouring in this area.It is now easier to discover a $5 dollar foot long than a Big Mac.Just like the growth spurt in foreign markets has brought Subway past McDonald's in the amount of locations worldwide. Analysts say most growth for fast food companies will take place overseas in the future as the U.S. sector has reached a saturation point.