Retail sales jumped 0.7% in March, much higher than expected
Source: CNBC
PUBLISHED MON, APR 15 2024 8:33 AM EDT UPDATED 12 MIN AGO
Rising inflation in March didnt deter consumers, who continued shopping at a more rapid pace than anticipated, the Commerce Department reported Monday.
Retail sales increased 0.7% for the month, considerably faster than the Dow Jones consensus forecast for a 0.3% rise, according to Census Bureau data that is adjusted for seasonality but not for inflation.
The consumer price index increased 0.4% in March, the Labor Department reported last week in data that also was higher than the Wall Street outlook. That means consumers more than kept up with the pace of inflation, which ran at a 3.5% annual rate for the month, below the 4% retail sales increase.
Excluding auto-related receipts, retail sales jumped 1.1%, also well ahead of the estimate for a 0.5% advance.
Read more: https://www.cnbc.com/2024/04/15/retail-sales-jumped-0point7percent-in-march-much-higher-than-expected.html
bucolic_frolic
(43,196 posts)Tax refunds, warm weather too.
Barry Markson
(214 posts)Of course I spent more money!
FalloutShelter
(11,871 posts)Go figure.
How this is bad news for Biden in 3
2
1
Bidenomics is real.
speak easy
(9,267 posts)The sky is falling up
FalloutShelter
(11,871 posts)progree
(10,909 posts)https://www.census.gov/retail/index.html
https://www.census.gov/retail/sales.html
https://www.census.gov/economic-indicators/#retail_sales
https://www.census.gov/retail/marts/www/marts_current.pdf
Advance Retail Sales: Retail Trade and Food Services (RSAFS) (FRED) - this is "retail sales"
https://fred.stlouisfed.org/series/RSAFS
Percent change from prior month: https://fred.stlouisfed.org/series/MARTSMPCSM44X72USS
Inflation-adjusted, in 1982-1984 dollars: https://fred.stlouisfed.org/series/RRSFS
(I can't find a percent change version, haven't looked REAL hard)
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https://www.census.gov/retail/sales.html
has a short readable summary. Its up 4.0% over the past 12 months and 0.7% in March over February. February over January was revised up to +0.9% (it was +0.6%).
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Here's the monthly percent changes in retail sales from the MARTSMPCSM44X72USS link above
2023-01-01 3.9
2023-02-01 -0.9
2023-03-01 -1.1
2023-04-01 0.4
2023-05-01 0.7
2023-06-01 0.2
2023-07-01 0.6
2023-08-01 0.7
2023-09-01 0.8
2023-10-01 -0.3
2023-11-01 0.0
2023-12-01 0.1
2024-01-01 -0.9
2024-02-01 0.9
2024-03-01 0.7