US Retail Sales Rose 0.6% in March

16 April, 2018, 22:28 | Author: Regina Silva
  • US Retail Sales Rose 0.6% in March

Receipts advanced 0.6 percent following a 0.1 percent drop in the previous month, according to Commerce Department figures released Monday.

Economists are expecting a bounce back in the March data via a +0.4% m/m reading and +0.3% on the control group. Gasoline Stations were up 9.7% from March 2017, while Nonstore Retailers were up 9.7% from past year.

Electronics and appliance stores were up 1.6% year-over-year and up 0.5% from February seasonally adjusted. The results underscore that the declines from December to February were more of a pause following a post-hurricane spending binge.

"It's nice to see the bounce-back here - to me it's just on trend", Societe Generale senior USA economist Omair Sharif said. For the year, that category enjoyed an increase of 0.8 percent in sales. Compared with a year ago, however, auto sales didn't make that much difference: total retail sales were 4.5 percent higher when vehicle sales are factored out.

US Retail Sales Rose 0.6% in March

Economists largely blame the weakness in retail sales at the start of the year on delays in processing tax refunds. It is expected to have slowed to below a 1.5 percent rate of increase in the first quarter.

Consumers shook off stormy weather last month to deliver retail sales growth. Some also argue that income tax cuts, which came into effect in January, only reflected on most workers' paychecks in late February.

Meanwhile, sales dropped at building material & garden equipment supplies dealers, clothing and accessories stores and sporting goods hobby, books and music. The organization said that the three-month moving average for the first quarter increased 4.8% annually, with total 2018 retail sales estimated to see an annual gain between 3.8%-to-4.4%.

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