Updated: 21-Apr-26 09:22 ET
| March Retail Sales |
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| Updated: 21-Apr-26 09:22 ET |
Highlights
- Total retail sales increased 1.7% month-over-month in March (Briefing.com consensus: 1.3%), driven by a 15.5% increase in gasoline sales, following an upwardly revised 0.7% increase (from 0.6%) in February.
- Excluding autos, retail sales surged 1.9% (Briefing.com consensus: 0.9%) following an upwardly revised 0.7% increase (from 0.5%) in February.
Key Factors
- Motor vehicle and parts dealer sales increased 0.5% following a 1.0% increase in February.
- Gasoline station sales surged 15.5% following a 1.3% increase in February.
- Clothing and clothing accessories stores sales were flat month-over-month following a 2.8% increase in February.
- Nonstore retailer sales were up 1.0% after increasing 1.2% in February.
- Food services and drinking places sales increased 0.1% following a 0.5% increase in February.
- Furniture and home furnishing store sales jumped 2.2% following a 0.1% decline in February.
- General merchandise store sales were up 1.0% month-over-month after being flat in February.
- Electronics and appliance store sales increased 0.9% following a 0.7% increase in February.
- Building material and garden equipment and supplies dealer sales rose 0.7% following a 0.6% increase in February.
Big Picture
- The key takeaway from the report is that retail sales look great from a headline perspective, but higher gas prices and higher prices in general were the main drivers. Excluding gasoline sales, retail sales were up 0.6% month-over-month, which looks good, but remember retail sales are not adjusted for price changes. Accordingly, it becomes evident that the sales gains in March were driven more by higher prices than increased volume, which is a better indication of demand.
| Category | MAR | FEB | JAN | DEC | NOV |
| Retail Sales | 1.7% | 0.7% | 0.0% | 0.0% | 0.5% |
| Excluding Autos | 1.9% | 0.7% | 0.1% | 0.0% | 0.4% |
| Durable goods | |||||
| Building Materials | 0.7% | 0.6% | 0.7% | 1.1% | 1.4% |
| Autos/parts | 0.5% | 1.0% | -0.7% | 0.0% | 0.9% |
| Furniture | 2.2% | -0.1% | 1.1% | -1.9% | -0.1% |
| Nondurable goods | |||||
| General Merchandise | 1.0% | 0.0% | 0.5% | -0.1% | 0.0% |
| Food | 0.7% | -1.2% | 0.0% | 0.2% | -0.3% |
| Gasoline stations | 15.5% | 1.3% | -2.2% | 0.4% | 1.3% |
| Clothing | 0.0% | 2.8% | -0.4% | -0.8% | 0.3% |
| e*retailing/non-store | 1.0% | 1.2% | 1.8% | 0.0% | 0.7% |
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