English: World GDP growth rate and GDP growth rate of total OECD countries. Data source: World Bank Group and OECD. (Photo credit: Wikipedia)

U.S. household debt drops and retails sales grows amidst higher taxes

There is good news for all the retailers in the country since both the sequestration and the tax hikes along with rising fuel prices have failed to stunt the growth in retail sales across the board. As per the latest news update, total retail sales have jumped up by an annual rate of 1.1% in the month of February 2013. In addition, consumers are found to be bold enough to buy increasing number of cars amidst rising taxes.