Retail Sales Skyrocketing Into February

by: The Good News Economist

According to the ICSC-Goldman's retail sales report on Tuesday, same-store sales skyrocketed in the February 5 week, up 2.2 percent.

It was the largest weekly gain since the Easter surge of last March.

The year-on-year the rate jumped nearly one full percentage point to plus 2.5 percent.

The Redbook report, also released on Tuesday, was right in line with a measure that showed a 2.7 percent year-on-year same-store sales growth in the February 5 week.

Additionally, Redbook offers a month-to-month comparison which registered a blistering 1.7 percent gain. Keep in mind that annualized that would point to a 20.4 percent retail gain in one year!

Early next week the government will post the January retail sales report amid most predicting a solid gain.

The economy accelerated at the end of 2010 as consumer spending climbed by the most in more than four years. Gross domestic product grew at a 3.2 percent annual rate, Commerce Department figures showed on Jan. 28.

And remember last week the ISM Manufacturing Index pointed to an overall economy in the month of January growing at a GDP annualized rate of 6.4 percent.