Market Updates
Gasoline Sales Fall Powered March Retail Sales Decline
Brian Turner
14 Apr, 2023
New York City
Retail sales in March declined 1% from the month, following a downwardly revised 0.2% decline in February, the U.S. Census Bureau reported Friday.
Retail sales from a year ago increased 2.9% and in the first quarter to March rose 5.4% from the previous year.
The retail sales data are not adjusted for inflation, meaning real sales probably declined more as consumers battle high inflation and rising interest rates weigh on consumer behavior.
Lower gasoline prices drove sales at pump stations by 5.5% from the previous month, general merchandise stores sales fell 3%, building materials and garden equipment sales decreased 2.1%, electronics and appliances sales fell 2.1% and motor vehicle sales at dealers eased 1.6%.
Retail sales at food and beverage stores eased 0.1% from the previous month but rose 5.0% from a year ago.
Sales at nonstore retailers increased 1.9% from the previous month but rose 12.3% from a year ago and inched up 0.1% from the previous month but rose 13.0% from a year ago at food services and drinking places.
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