John Furner President and CEO | Official website
WASHINGTON – Retail sales in the United States continued to show an increase in March, according to data released by the U.S. Census Bureau. National Retail Federation Chief Economist Jack Kleinhenz highlighted the resilience of consumer spending despite inflationary pressures, stating, "March’s Census Bureau numbers confirm that consumer spending remains steady." Kleinhenz attributed the growth in retail sales to various factors such as an early Easter holiday, larger tax refunds from 2023, and improved job market conditions. However, he also pointed out a concerning trend where consumer spending on services is rising, leaving less income available for retail purchases.
The Census Bureau reported that overall retail sales in March were up 0.7% from February on a seasonally adjusted basis and 4% higher year-over-year. Core retail sales, excluding certain sectors, saw a 1.1% increase from February and a 3.2% rise year-over-year. The three-month moving average for core retail sales showed a 3.9% increase compared to the previous year.
The CNBC/NRF Retail Monitor, powered by Affinity Solutions, also noted a steady growth in March sales. Core retail sales for March were up 0.23% from February on a seasonally adjusted basis and 2.92% higher year-over-year.
As the leading authority in the retail industry, the National Retail Federation provides monthly data on retail sales and forecasts for key shopping periods. NRF advocates for the success of the retail sector, which is a significant contributor to the U.S. economy.
Retail industry contributes $5.3 trillion to annual GDP and supports over 55 million working Americans, making it the nation’s largest private-sector employer. NRF continues to educate and communicate the impact of retail on local communities and the global economy.
For more information, visit nrf.com.
