Retail sales south of the border rebounded in March after three straight monthly declines as households boosted purchases of motor vehicles and other big-ticket items, suggesting consumer spending was heading into the second quarter with some momentum.
Figures released by the U.S. Commerce Department Monday revealed retail sales increased 0.6% last month after an unrevised 0.1% dip in February. January data was revised to show sales falling 0.2% instead of the previously reported 0.1% drop.
Economists had forecast retail sales rising 0.4% in March. Retail sales in March increased 4.5% from a year ago.
Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.4% last month after being unchanged in February. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
They were previously reported to have risen 0.1% in February. Last month’s pick-up in core retail sales did little to change expectations of a sharp slowdown in consumer spending in the first quarter.
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