US: March retail sales reports still reveals the resilience of consumer spending – Wells Fargo By MSalordFX RetailSales UnitedStates Banks
al goods spending is tracking to rise at around a 2.5% annualized pace in the first quarter, according to analysts at Wells Fargo. “Predictably gas stations saw the largest percentage increase from February, posting an 8.9% increase on the month. The fact that gas prices rose a lot more than that suggests consumers are combining trips or taking advantage of work-from-home flexibility if they are able to. Supply chain constraints still weigh on sales activity for auto dealers, where sales fell 1.
“Inflation is not going away, but it will likely stop getting worse and that means less of a headwind for spending. The March retail data still suggest real goods spending is tracking to rise at around a 2.5% annualized pace in the first quarter.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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