John Furner President and CEO | Official website
Retail sales in the United States saw a steady pace of growth in March, as reported by the CNBC/NRF Retail Monitor powered by Affinity Solutions. The data, released by the National Retail Federation (NRF), highlighted the impact of wage gains and easing inflation on consumer spending patterns.
NRF President and CEO, Matthew Shay, noted, "As inflation for goods levels off, March’s data demonstrates steady spending by value-focused consumers who continue to benefit from a strong labor market and real wage gains." He added, "In this highly competitive market, retailers are having to keep prices as low as possible to meet the demand of consumers looking to stretch their family budgets."
According to the Retail Monitor, total retail sales, excluding automobiles and gasoline, showed a 0.36% increase month over month and a 2.72% increase year over year in March. The core retail sales, which exclude restaurants, automobiles, and gasoline, were up 0.23% month over month and 2.92% year over year in March.
The report highlighted that March sales were up in six out of nine retail categories on a yearly basis, with online sales, sporting goods stores, and health and personal care stores leading the growth. Additionally, five categories saw an increase in sales on a monthly basis.
For the first quarter, total retail sales were up 2.65% year over year, with core sales showing a 3.12% increase. The CNBC/NRF Retail Monitor has been providing monthly retail sales data since its launch in November, utilizing actual credit and debit card purchase data compiled by Affinity Solutions.
NRF, as a leading authority in the retail industry, provides monthly data on retail sales and forecasts annual retail sales and spending for key periods such as the holiday season. Retail continues to play a vital role in the U.S. economy, being the nation's largest private-sector employer and contributing significantly to the GDP.
For more information, visit nrf.com/nrf/cnbc-retail-monitor.
