US Retail Sales Up 2.9% YoY Despite 1% March Drop; Core Drops More than Expected

Highlights

• March retail sales fell 1% MoM but rose 2.9% YoY
• Total sales up 5.4% YoY for Jan-Mar 2023 period
• Nonstore retailers and food services/drinking places see YoY growth

Overview

In March 2023, the estimated sales of retail and food services in the United States were $691.7 billion, which had been adjusted for seasonal and holiday differences but not for price changes.

This figure represented a decrease of 1.0% (±0.5%) compared to the previous month, but an increase of 2.9% (±0.7%) compared to March 2022.

During the January 2023 to March 2023 period, total sales increased by 5.4% (±0.4%) compared to the same period a year ago.

Additionally, the previously reported percent change for January 2023 to February 2023 was revised from a decrease of 0.4% (±0.5%)* to a decrease of 0.2% (±0.1%).

In terms of retail trade sales, there was a decrease of 1.2% (±0.5%) from February 2023, but an increase of 1.5% (±0.5%) compared to last year.

Meanwhile, nonstore retailers saw an increase of 12.3% (±1.2%) from last year, and food services and drinking places had an increase of 13.0% (±2.6%) compared to March 2022.