Data released on Monday by the U.S. Department of Commerce showed a 0.7% month-over-month increase in retail sales, exceeding the 0.3% forecast by Wall Street economists. Online sales were up 2.7% since February and 11.3% since March 2023, while sales at miscellaneous retailers rose 2.1%. However, several categories saw sales decline during the month, including sporting goods, hobbies, musical instruments, and books, which fell by 1.8%. Clothing stores were down 1.6%, and electronics and appliances dropped 1.2%.
According to PYMNTS, the increase in retail sales was likely driven by consumers feeling the pinch of higher shelter costs, as the CPI showed an increase in food consumed away from home (restaurant sales) of 4.2% annually, far exceeding the 1.2% annual inflationary pace of food consumed at home (grocery sales). ← →
According to PYMNTS, the increase in retail sales was likely driven by consumers feeling the pinch of higher shelter costs, as the CPI showed an increase in food consumed away from home (restaurant sales) of 4.2% annually, far exceeding the 1.2% annual inflationary pace of food consumed at home (grocery sales). ← →
Data released Monday (April 15) by the U.S. Department of Commerce showed retail sales rising 0.7% month over month, and 4% since last year. The 0.7% figure exceeded the 0.3% forecast by Wall Street economists._______
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