United States: Retail sales growth moderates in March

Retail sales increased 0.4% in month-on-month seasonally-adjusted terms in March, which was softer than February’s 1.7% jump. March’s moderation was primarily due to a fall in sales at non-store retailers, which more than offset a rebound in sales at general merchandise stores.

On an annual basis, retail sales rose 6.3% in March, which was down from February’s 17.8% expansion.

FocusEconomics Consensus Forecast panelists see private consumption growing 3.3% in 2022, which is down 0.3 percentage points from last month’s forecast. For 2023, the panel sees private consumption increasing 2.4%.