Despite rising prices, retail sales were up in March but were slightly under what was expected, according to the Census Bureau’s monthly report…(Census Bureau)
- M-O-M: Advance estimates of U.S. retail and food services sales were up 0.4% to $665.7 billion in March.
- Y-O-Y: Retail sales were up 6.9% when compared to the same time one year ago.
SWING & A MISS: Economists expected a 0.6% gain in March
Not surprisingly, gas stations reported the biggest month-over-month gains with an increase of 8.9% followed by general stores (+5.4%), electronic stores (+3.3%), clothing stores (+2.6%), and grocery stores (+1.3%).
- Online retailers had the worst month with a 6.4% drop from February followed by motor vehicle parts (-1.3%) and department and health stores both down 0.3%.
It is important to remember that retail numbers are not adjusted for inflation. The latest CPI print put price increases at 1.2% month-over-month. With retail spending only up 0.5%, one could conclude that real retail spending is down 0.7%.