Retail sales in the U.S. grew more than expected

© Scanpix/Reuters

The U.S. Census Bureau reported on Monday that U.S. retail sales added more than it was expected. Retail sales witnessed a 1.1% growth, compared to a figure of a 1.2% gain, which was revised upwards and became the biggest advance since October 2010. Economists, however, expected that retail sales would increase by 0.8%. Retail sales, not including gasoline, building materials, and autos, which is perceived as a consumer spending barometer, increased by 0.9%.

‘There is "some resilience on the part of the consumer."We are going to continue to see slow, but steady, growth,' said chief U.S. economist at JPMorgan Chase & Co. in New York, Michael Feroli, who projected a 1% growth in sales.