Surprise dip in US retail sales
Print Edition
US retail sales unexpectedly fell in March as households cut back on purchases of automobiles and other items, further evidence that economic growth stumbled in the first quarter.
Other data yesterday showed a surprise drop in producer prices last month as rising energy prices were offset by a decline in the cost of services.
The two reports suggested the Federal Reserve will probably not raise interest rates until later this year.
“The data solidifies the well-entrenched narrative of a very weak first quarter for the US economy. For the Federal Reserve ... it argues for continued caution,” said Millan Mulraine, deputy chief economist at TD Securities in New York.
The Commerce Department said retail sales shed 0.3 percent last month, hitting economists’ hopes for a 0.1 percent gain. They were flat in February.
Retail sales excluding automobiles, gasoline, building materials and food services ticked up 0.1 percent last month after edging up 0.1 percent in February. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
Economists had forecast core retail sales rising 0.3 percent last month. Consumer spending takes up over two thirds of US economic activity.
March’s weak retail sales report added to recent data on trade, wholesale inventories and business spending in saying the economy hit a soft patch in the first quarter of the year. That was reinforced by a second report from the department showing a dip in business supplies in February.
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