By Robert Hughes
Retail sales and food services jumped 1.6 percent in March, following a 0.2 percent decline in February. Over the past year, they are up 3.6 percent. Core retail sales, which excludes motor vehicles and gasoline, rose 0.9 percent in March following a 0.7 percent decline in February. From a year ago, core retail sales are up 3.7 percent versus a five-year annualized growth rate of 4.1 percent (see chart).
Total and core retail sales have been erratic over the past four months, largely because of the government shutdown (see chart). However, the