US retail sales fell unexpectedly in March. According to the latest figures released by the Commerce Department, sales fell 1.1 per cent. The latest drop is the biggest decline in the past three months.
Car dealers, electronic stores, restaurants all registered a decline. Only pharmacies and grocery stores saw a gain. The Labor Department said wholesale prices fell last month, indicating that deflation risks remain.
That behavior was a surprise to economists, who expected March retail sales to rise 0.3 percent, after advancing in both January and February. Instead, the Commerce Department said on Tuesday that total retail sales dropped 1.1 percent in March.
An overview of retail sales in March:
- Sales at health and personal care stores rose 0.4 percent compared to February and by 3.5 percent over March of last year.
- Food and beverage sales increased by 0.5 percent for the month but decreased by 1.8 percent for the year.
- Sales at clothing and clothing accessories stores fell 1.8 percent for the month and by 8.7 percent for the year.
- Electronics and appliance store sales fell 5.9 percent for the month and by 10 percent for the year.
- Sporting goods, hobby, book and music store sales fell 0.9 percent over February and by 3 percent over March 2008.
- Automotive and related industries saw sales drop 23.5 percent in March from the same month in 2008. Sales at gasoline stations in March were 34 percent lower than for March 2008.
Image by timparkinson under Creative Commons.
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