March retail sales, as reported by the United States Census Bureau, increased as tax refunds and job growth put more money in shoppers’ pockets, National Retail Federation chief economist Jack Kleinhenz concluded.
“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. Nonetheless, the increasing share of consumer spending going to services as prices for services rise remains a stubborn problem because it leaves less household income available to spend on retail goods.”
The Census Bureau maintained overall retail sales in March were up 0.7% seasonally adjusted from January and up 4% unadjusted year over year. That compared with increases of 0.9% month over month seasonally adjusted and 2.1% unadjusted year over year in February.
According to the Census Bureau, March retail sales — excluding motor vehicle, gasoline stations and foodservice — were up 0.8% seasonal adjusted from February and 3.6% unadjusted year over year versus February increases of 1% seasonally adjusted from January and 1.5% unadjusted year over year.
Here are Census Bureau March retail sales by tracked channell:
- General merchandise stores up 1.1% seasonally adjusted from February 5.7% unadjusted year over year.
- Furniture and home furnishings stores down 0.3% seasonally adjusted from February and 6.1% unadjusted year over year.
- Building material and garden equipment and supplies dealers up 0.7% seasonally adjusted from February but down 0.6% unadjusted year over year.
- Electronics and appliance stores were down 1.2% seasonally adjusted from February and 0.6% unadjusted year over year.
- Health and personal care stores were up 0.4% seasonally adjusted from February and 2.3% unadjusted year over year.
- Food and beverage stores were up 0.5% seasonally adjusted from February and 1.4% unadjusted year over year.
- Sporting goods, hobby, musical instrument and book stores were down 1.8% seasonally adjusted from February and 3.9% unadjusted year over year.
- Clothing and clothing accessories stores were down 1.6% seasonally adjusted from February but up 1.4% unadjusted year over year.
- Non-store retailers including e-commerce were up 2.7% from February and 11.3% unadjusted year over year.
