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Retailers Report Higher Sales in March

Financial News Network
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April 07, 2012 AT 12:22 AM
There is yet another sign Americans are feeling better about the economy.Big box retailers and department stores are reporting positive sales in the month of March. According to a tally of 22 retailers by the International Council of Shopping Centers , revenue in stores open at least on year rose 4.1%.Analysts say this is a very optimistic sign for the economy because the numbers offer a snapshot of consumer spending, which accounts for more than 70% of all economic activity.Some retailers who reported gains include Macy's which had a 7.3% increase in revenue, beating analyst estimates of a 4.8% rise.Also Gap reported gains of 8%, one of the biggest rises in the month, beating estimates of 5.4%.