US retail sales rise again in March
Retail sales rose by 0.7% in March compared with February (seasonally adjusted), following a 0.9% rise in the previous month, reflecting continued consumer strength
According to data released by the US Census Bureau, total retail sales in March rose by 0.7% on a seasonally adjusted basis from February and by 4% on an unadjusted basis from a year earlier, as compared with gains of 0.9% on a monthly basis and 2.1% on an annual basis in February. According to the National Retail Federation Chief Economist Jack Kleinhenz, early Easter sales, larger tax refunds and higher employment have contributed to a more resilient consumption.
“March’s Census Bureau numbers confirm that consumer spending remains steady, underscoring a resilient consumer despite inflationary pressure”, Kleinhenz said. “While sales were mixed, several factors supported retail sales, including an early Easter holiday, slightly larger 2023 tax refunds and stronger payroll growth over the last three months”.
The same data also shows that core retail sales, excluding car dealers, petrol stations and restaurants, increased by 1.1% in March on a seasonally adjusted basis compared with February, and by 3.2% on an unadjusted basis compared with a year earlier. On a three-month moving basis, core retail sales rose by 3.9% in March, as compared with the same month of the previous year.
Image Credits: in.fashionnetwork.com
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