2023-04-14 09:27:39 ET
Building materials and supplies, electronics, general merchandise stores, and motor vehicle & parts dealers were among categories prompting the weakest retail sales report in 6 months.
For the month of March, retail sales slid 1% sequentially, more than doubling the consensus expectation. Core retail sales also more than doubled the expected drop, down 0.8% as compared to a 0.3% expectation. The reading was the weakest since November 2022.
According to the data, general merchandise store sales fell 3% sequentially, led by a 2.5% drop in department store sales. Electronics, clothing, and furniture retailers saw sales slide 2.1%, 1.7%, and 1.2%, respectively. Rounding out notable declines, building material & garden equipment & supplies dealers saw a 2.1% pullback in sales while motor vehicle & parts dealer sales fell 1.6%. The declines offset rises in non-store retail sales, which includes e-commerce, sporting goods, and health & personal care store sales.
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Electronics, department stores lead declines in weak retail sales report