BCREA ECONOMICS NOW - US Retail Sales - April 16, 2012
BCREA ECONOMICS NOW
US Retail Sales - April 16, 2012
US retail sales grew at a healthy pace in March, increasing 0.8 per cent (0.7 per cent less car and vehicle sales) from February, nearly triple the consensus forecast. This is a welcome sign following a disappointing March payrolls report that the US recovery is still on track. Indeed, US GDP is on pace to grow a better than expected 2.5 to 3 per cent in the first quarter. That said, there are still a number of hurdles on the horizon that the US will need to clear, including dramatic fiscal tightening and a potential replay of last year's perilous debt-ceiling showdown, in order to keep the economy on track and it remains to be seen whether the political will exists to confront these challenges.
Of course, an uncertain US economy translates to an uncertain BC economy through trade, tourism, and financial channels. While US growth may be improved in 2012 from last year's anemic 1.7 per cent pace, it will remain well below potential and will therefore constrain economic growth in BC this year.
For more information, please contact:
Cameron Muir | Brendon Ogmundson |
Chief Economist | Economist |
Direct: 604.742.2780 | Direct: 604.742.2796 |
Mobile: 778.229.1884 | Mobile: 604.505.6793 |
Email: cmuir@bcrea.bc.ca | Email: bogmundson@bcrea.bc.ca |
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.
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