U.S. retail sales fell .% month-on-month
Data released by the U.S. Department of Commerce showed that due to the largest monthly decline in automobile sales in a year, U.S. retail sales fell by 0.3% month-on-month in March after seasonally adjustment. Market expectations were for a month-on-month increase of 0.1%, and the previous value decreased by 0.1% month-on-month. The upward revision was unchanged month-on-month. Nine of the 13 major categories of goods and services saw sales rise in March, but it was not enough to offset declines in auto, clothing and restaurant retail sales.
Data show that excluding highly volatile automobiles and parts, U.S. retail sales in March increased by 0.2% month-on-month. Market expectations were for a month-on-month increase of 0.4%. The previous value was revised from a month-on-month decrease of 0.1% to remain unchanged month-on-month. Analysts believe that weak retail sales data indicate that U.S. economic growth slowed in the first quarter of this year.
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