The Strategist

U.S. retail sales rise worse than forecast in March

04/15/2022 - 03:30

According to a news statement from the US Commerce Department, retail sales in the United States increased 0.5 percent in March over February.

DailyFX polled analysts, who expected rise of 0.6 percent.

Retail sales grew 0.8 percent in February, not 0.3 percent as previously reported, according to a fresh estimate from the Commerce Department.

In March, retail sales excluding autos and components increased by 1.1 percent over the previous month. The February statistic has been revised: growth is now expected to be 0.6 percent rather than 0.2 percent.

Consumer spending contributes for around 70% of the country's GDP, making retail sales one of the most important indicators of the US economy.

The US Department of Commerce releases this data on a monthly basis, and it can be used to gauge consumer demand and confidence in the economy. Because of the extreme volatility of vehicle sales, many analysts choose to analyze the dynamics of retail sales that do not include this product category.