Not much joy in the retail sector in March.
Not only did it revise the February retail sales figure from a 0.1% gain to show a 0.3% decline, but the Commerce Department also reported sales in March were down 0.2% -- totaling $470.8 billion.
Even with that decline, though, sales were 5.2% above the same period the year before.
Ups and downs
Much of the March weakness can be traced to a decline of 1.2% in auto sales. If that category is eliminated, sales were flat. Also contributing to the decline were lower sales at building material and garden equipment & supplies dealers (-1.5%), gas stations (-1.0%), sporting goods, hobby, book & music stores (-0.8%), and restaurants & bars (-0.6%).
What little strength there was came from gains at electronics & appliance stores (+2.6%), miscellaneous store retailers (+1.8%), clothing and clothing accessories (+1.0%), nonstore retailers (+0.6%), food and beverage stores (+0.5%), and general merchandise stores (+0.3%).
The full report may be found on the Commerce Department website.