Sales at U.S. retailers rose a tepid 0.5% in March. Adjusted for inflation, they fell sharply.
The numbers: Sales at U.S. retailers rose a mild 0.5% in March and a large part of the increase reflected higher gasoline prices, suggesting inflation is taking a toll on U.S. households.If gas stations and auto dealers are set aside, retail sales rose an even smaller 0.2% last month.
One bit of good news: Sales in February were revised up to show a 0.8% increase instead of 0.3%, the government reported Thursday. Key details: Gas stations posted an 8.9% increase in sales last month — the biggest gain in a year — but that’s not a good thing for households or the economy. Higher gas prices squeeze families and leave them less money to spend on other goods and services.
The March retail sales report might not offer much new insight into the growth of the economy. Easter occurred much later than usual, for one thing, and shifted some spending that normally would have taken place in March into April. Still, it’s likely that higher gas and grocery prices are siphoning off some spending on discretionary items.
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