US DATA: Feb retail sales +0.3%, ex auto +0.8%, ex auto and gas +0.9%.
Jan sales was revised lower to +0.1% overall, so the Q1 gain has been
damped. But this is still consistent with recovery; Q1 consumption could
be up 2-3% using these numbers. Feb sales strength was widespread with
the exception of healthcare -0.7% and autos -2%. Gains were seen in
electronics +3.7%, food +1.3%, sporting goods +1.2%, furniture +0.7%,
bldg mats +0.5%. Overall Jan-Feb data suggest Q1 is growing at a modest
pace.