Treasury prices down by unexpected rise in retail sales
US treasury prices have fallen as the retail sales rose to a new high last month. The rise was a quite unexpected for the market as well as beyond the anticipation of the experts. According to David Ader, head of government bond strategy at CRT Capital Group LLC, the reports were stronger than that of expectation.
But it has undoubtedly signaled an enhanced the economic scenario of the country. It also suggests the consumer's buying behavior. The consumer spending comprises 70% of the country's gross domestic product. Retail sales data is a significant factor in US economics.
According to the latest statistics provided by the Commerce Department, overall sales figure of the Retail Sector have increased by 0.3% for the month of February.
Economists had forecasted that there will be a 0.3% decrease during the same period. The sales of electronic durables have gone up due to the Super Bowl football championship in early part of the month. The car sector sales have raised 0.8% beating economists forecast of 0.1% increase.