U.S. Retail Sales Climb 0.7% In March, Much More Than Expected
15 Abril 2024 - 7:13AM
RTTF2
The Commerce Department released a report on Monday showing U.S.
retail sales increased by much more than expected in the month of
March.
The report said retail sales climbed by 0.7 percent in March
after advancing by an upwardly revised 0.9 percent in February.
Economists had expected retail sales to rise by 0.3 percent
compared to the 0.6 percent increase originally reported for the
previous month.
"The robust gain in retail sales in March followed by upward
revisions in the prior two months shows the consumer continues to
power the overall economy forward," said Nationwide Chief Economist
Kathy Bostjancic.
However, she added, "The lack of moderation in consumer spending
and inflation will undermine Fed officials' confidence that
inflation is on a sustainable course back to 2% and likely delays
rate cuts to September at the earliest and could push off rate
reductions to next year."
The stronger than expected retail sales growth came despite a
pullback in sales by motor vehicle and parts dealers, which slid by
0.7 percent in March after spiking by 2.5 percent in February.
Excluding the decrease in auto sales retail sales jumped by 1.1
percent in March after climbing by 0.6 percent in February. Ex-auto
sales were expected to rise by 0.4 percent.
The sharp increase in ex-auto sales partly reflected a 2.7
percent spike in sales by non-store retailers along with a 2.1
percent surge in sales by miscellaneous store retailers.
The report also showed sales by gas stations shot up by 2.1
percent in March after jumping by 1.6 percent in February amid
higher gas prices.
While sales by general merchandise stores also saw a notable
increase, sales by sporting goods, hobby, musical instrument, and
book stores; clothing and accessories stores; and electronics and
appliance stores slumped.
The report also said core retail sales, which exclude
automobiles, gasoline, building materials and food services, jumped
by 1.1 percent in March after rising by 0.3 percent in
February.
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