March U.S. Retail Sales Moderate

U.S. retail sales slowed in March, but spending was still higher than the same time last year, says the National Retail Federation (NRF). Overall retail sales were down one per cent from February, but up 2.9 per cent year over year. In February, sales were down 0.2 per cent month over month but up 5.9 per cent year over year. Building materials and garden supply stores were down 2.1 per cent month over month seasonally adjusted and down 4.3 per cent unadjusted year over year. “Retail sales moderated in March after posting strong gains in the first two months of the year,” says Matthew Shay, NRF president and CEO. “Continued easing of inflation and the overall strength of the job market and wages are keeping the fundamentals of the consumer economy strong and should support their ability to spend on household priorities through 2023.” The results come as NRF is forecasting that 2023 retail sales will grow between four per cent and six per cent over 2022.