March Retail Sales Grew 4% vs. 2020 but Were Flat With Feb., Says NRF
Amid rising inflation, retail sales grew 4% year on year, excluding car dealers, gas stations and restaurants, the National Retail Federation reported Thursday. Retail sales were flat vs. February, which were 0.7% lower than January, it said. Electronics and appliance…
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store sales were down 9.6% year on year but up 3.3% from February, it said. “Consumers have the willingness to spend and their ability to do so has been supported by rapid hiring, increased wages, larger-than-usual tax refunds and the use of credit,” said NRF Chief Economist Jack Kleinhenz. With higher interest rates looming as the Federal Reserve tightens monetary policy, “The challenge for the Fed is to cool off demand without pushing the economy into a dramatic slowdown,” he said.