Retail sales in the US decreased by 1% in March from February, according to data from the National Retail Federation (NRF).
The data revealed that sales in the country rose 2.9% year-over-year (YoY) in March.
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Retail sales excluding automobile dealers, gasoline stations and restaurants, declined 0.5% from February but increased 4.6% unadjusted YoY.
The figures based on data from the US Census Bureau revealed that online and other non-store sales grew 1.9% seasonally adjusted from the previous month and rose 12.4% unadjusted YoY.
In addition, sales for grocery and beverage stores dropped 0.1% seasonally adjusted from February but rose 5.6% unadjusted YoY.
In March, sales for clothing and clothing accessory stores decreased 1.7% from the previous month and 2.2% unadjusted YoY.
Sales for health and personal care stores increased 0.3% seasonally adjusted from the previous month and increased 7.3% unadjusted YoY.
NRF president and CEO Matthew Shay said: “Retail sales moderated in March after posting strong gains in the first two months of the year.
“Continued easing of inflation and the overall strength of the job market and wages are keeping the fundamentals of the consumer economy strong and should support their ability to spend on household priorities through 2023.
“Retailers recognise the pressure on consumers from increased prices in services and experiences and the impact of higher interest rates, and are prioritising product mix, competitive pricing and convenience, to help consumers stretch their budgets.”
The retail federation expects retail sales for 2023 to grow between 4% and 6% compared to 2022.
