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U.S. markets recover from steep losses
WASHINGTON, March 9 (UPI) -- Retail traffic rose substantially in the week ending March 6, pushing U.S. sales 2.9 percent higher than the previous week, a trade group reported.
The International Council of Shopping Centers Tuesday said warmer weather and the second driest start to March in nearly 20 years following a snowy February gave shoppers incentive to hit the shopping malls in the week.
From the same week a year ago, sales rose 3.4 percent, ICSC said.
Some of the shopping represented pent up demand. Two separate snowstorms in February dampened sales in the previous month.
"To paraphrase the old saw: March sales started off like a lion," ICSC said in its weekly report.
The trade group said rising gasoline prices cut into discretionary spending in the week. Gasoline prices have risen for three consecutive weeks and ended the week at $2.751 per gallon, 42 percent higher than the same week a year ago.
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