Q1 GDP estimates have been revised down quite a bit from their initial heights thanks to moderating consumer spending.Well, now it’s picking back up.
Revenue reports Thursday from retailers from Costco to Victoria’s Secret extend the streak of strong spending from late last year and suggest that an improving economy and recent job growth are outweighing pressure from higher pump prices.
Retailers collectively saw a 2 per cent increase over last March, the International Council of Shopping centres said. That compares with expectations for flat revenue or a small decline.
The increase is better than it looks because this year’s late Easter depressed results by 3 to 5 percentage points, analysts say.