US retail sales rebound in March, post biggest monthly gain in a year

Note: This section contains information in English only.
Source: Dukascopy Bank SA
"A rebound in retail sales in March provides evidence that the U.S. economy is pulling out of a soft patch seen at the start of the year. The improvement in retail sales after the weakness seen at the turn of the year adds to the likelihood of policymakers voting to hike rates this year"
 -Chris Williamson, chief economist at Markit
 

US retail sales rebounded in March as consumers stepped up purchases of cars and other goods, adding to signs that a precipitous slowdown in growth in the beginning of the year was temporary. Sales of US retailers rose 0.9% to a seasonally adjusted $441.4 billion in the reported month, the Commerce Department said. That was the biggest monthly increase in a year, but against economists' expectations for a 1% gain. Higher sales were largely driven by car purchases, which increased 2.7% last month. Excluding autos, core  retail sales rose 0.4% in March, after remaining steady in February and dropping 1.2% in January. Compared to a year earlier, overall retail sales increased 1.3% in March. Consumer spending accounts for more than two-thirds of US GDP. Last month, Americans spent more on building supplies, garden equipment, furniture, and clothing and accessories. 

In a separate report, the Labor Department said US producer price index for final demand ticked up 0.2% last month, with increasing prices for goods making up more than half of the gain. The PPI had decreased 0.5% in February. Measured on an annualized basis, producer prices slid 0.8%, the biggest year-over-year drop since records began in 2009, after falling 0.6% in February. Core PPI rose 0.2% after being unchanged in February and was up 0.8% in the 12 months through March.


© Dukascopy Bank SA

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