Retail Sales Strong in February

Many major retailers reported strong sales in February, boosted by winter-clearance merchandise. J.C. Penney, Macy’s, Nordstrom and Kohl’s all topped analyst’s estimates for the month, with J.C. Penney reporting a 6.4 percent increase, propelled by strong sales in women’s apparel and accessories, as well as children’s apparel and fine jewelry. Macy’s sales were up by 5.8 percent, Kohl’s by 5 percent and Nordstrom by 7.3 percent.

Shoppers were also more willing to open their wallet thanks to an improving economy. The Conference Board reported that consumer confidence in February rose to its highest point in three years, driven by rising employment. The number of people requesting unemployment benefits last week plunged to nearly a three-year low, according to figures released by the Labor Department.