“Improving financial situations including the temporary payroll tax cut, wage gains and a strengthening labor market likely supported March spending gains,” said NRF Chief Economist Jack Kleinhenz. “If gasoline prices can stabilize over the next few months, consumer spending may continue to grow, but it remains to be seen what consumers will cut out of their budgets because of the cost of filling up their tank.”
March retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.4 percent seasonally adjusted over February and 7.3 percent unadjusted year-over-year.
Warmer weather helped building material, garden equipment and supplies dealers see increased sales last month, increasing 2.2 percent seasonally adjusted from the previous month and 5.5 percent unadjusted over last year. Consumers also stocked up on new spring attire, boosting clothing and clothing accessory stores sales 0.6 percent seasonally adjusted month-to-month and 3.4 percent unadjusted year-over-year.
Electronics and appliance stores also saw solid gains; sales increased 2.1 percent seasonally adjusted from the previous month and 3.6 percent unadjusted over last year in those stores. Sales at grocery stores increased 0.3 percent seasonally adjusted month-to-month and 4.1 percent unadjusted year-over-year. Health and personal care stores sales increased 0.7 percent seasonally adjusted over February and 5.1 percent unadjusted over last year.
Also benefitting from warmer weather, furniture and home furnishing stores sales increased 3.6 percent seasonally adjusted month-to-month and 3.8 percent unadjusted year-over-year.
