Does the Rosy Retail Sales Report Mean the Economy is Back on Track?

According to the National Retail Federation, retail sales beat estimates in February as consumers quickly adapted and adjusted their spending in response to an increase in payroll taxes and higher gasoline prices. February retail sales (excluding automobiles, gas stations and restaurants), NRF reported, increased 0.7 percent seasonally adjusted from January and increased 0.5 percent unadjusted year-over-year.