Retail sales surge amidst early Easter and tax refunds

Apr 18, 2024
Written by WR Communications

In March, retail sales surged according to the latest data from the U.S. Census Bureau, buoyed by an early Easter, increased tax refunds, and a surge in job opportunities. National Retail Federation Chief Economist Jack Kleinhenz noted that despite inflationary pressures, consumer spending remained robust. However, a concerning trend emerged as more consumer spending shifted towards services due to rising service prices, leaving less disposable income for retail purchases.

The Census Bureau reported a 0.7% increase in overall retail sales from January, with a notable 4% year-over-year rise. Core retail sales, excluding certain sectors like automobile dealers and restaurants, saw a substantial 1.1% uptick from February and a 3.2% increase compared to the previous year. The CNBC/NRF Retail Monitor corroborated this growth trend, indicating a steady rise in March sales.

These numbers paint a picture of resilience in consumer spending despite economic challenges, offering a glimmer of hope for retailers amidst uncertain times.


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