Retail sales fell for a second straight month in March on weaker gasoline and auto sales but a core measure that excludes those and other volatile items rose solidly.
Sales overall fell 0.2%%, matching economists’ estimates, the Commerce Department said Friday.. Excluding volatile categories — autos,gasoline, food services and building materials — sales jumped 0.5%. Economists expected a 0.3% rise. Disappointing, however, is that February’s sluggish 0.1% increase was revised to a 0.3% drop.
Economists largely traced sluggish sales in February to delays in tax refunds and said the arrival of those checks could bolster consumer spending in March. At the same time, analysts said snowstorms in the Midwest and Northeast could have kept shoppers at home,partly offsetting the positive effects of the refunds.
Last month, gasoline station sales fell 1% because of lower prices and auto dealers’ revenue was down 1.2%.
Some other categories were also weak. Sales fell 0.3% at furniture stores, 0.8% at sporting good outlets and 0.6% at restaurants and bars
Helping offset the declines were increases of 2.6% at electronics and appliance stores, 1% at clothing shops, 0.3% at general merchandise stores and 0.6% online.
Source: USA Today, April 2017
