Retail Sales Rise 0.3 Percent; Core Sales Up 0.9 Percent
In February, retail sales rose 0.3 percent, following a rise of 0.1 percent in January. Sales growth in January wes broad based with every major retail subcategory posting sales gains with the exception of auto and parts dealers.  Retail sales not including the volatile autos and gasoline components rose 0.9 percent over the month, the strongest rise since November.  From a year prior, sales were up 3.5 percent. This is a slower pace than December's year-over-year gain of 4.3 percent; however, this is still a strong improvement from the negative annual rate see as recently as last October. Core sales, followed a similar patter, rising 1.5 percent from a year prior, down from a 2.9 percent gain in January.

Mo./ Mo. % Change	Feb	Jan	Dec	Nov	Oct	Sep
Total Sales	0.3	0.1	-0.2	2.0	1.2	-2.0
Ex Autos and Gas	0.9	0.5	-0.2	1.1	0.1	0.6
Year/ Year % Change
Total Sales	3.5	4.3	5.5	2.7	-2.0	-6.1
Ex Autos and Gas	1.5	1.9	2.3	0.9	-0.9	-1.7

10.03.12 (Source: Census Bureau)

University of Michigan Consumer Sentiment Index Down 1.1 Points
In March, the University of Michigan Consumer Sentiment Index fell back slightly, falling 1.1 point to 72.5. This was the second consecutive, modest, monthly decline. Even so, the index is significantly higher than its low last year. The drop was about equally due to both the current conditions component and the future expectations component. The prior fell 1.0 point, while the latter fell 1.2 points.

Inflation expectations were essentially unchanged. Looking forward one year, expectations rose slightly to 2.8 percent, from 2.7 percent in February. The five-year remained at 2.8 percent.

1966 = 100	Mar	Feb	Jan	Dec	Nov	Oct
Headline Index	72.5	73.6	74.4	72.5	67.4	70.6
Current Conditions	80.8	81.8	81.1	78.0	68.8	73.7
Future Expectations	67.2	68.4	70.1	68.9	66.5	68.6

10.03.12 (Source: University of Michigan)