MW:Retail sales fall in March by most in nine months
By Jeffry Bartash
WASHINGTON (MarketWatch) - U.S. retail sales fell in March by the biggest amount in nine months as Americans cut back on purchases of most kinds of consumer goods, perhaps a sign that higher taxes and slower job creation are taking a bite. Retail sales fell a seasonally adjusted 0.4% last month to mark the biggest decline since last June. Sales also fell 0.4% excluding autos. Economists surveyed by MarketWatch had forecast a 0.1% decline overall and no change excluding autos. Sales fell the sharpest at gasoline stations - a good thing for consumers - because of falling priced at the pump. Yet sales also softened in most other categories, including autos, electronics, groceries, hobby items, personal care and general merchandise. As a result, sales minus gasoline stations dropped 0.2%. Retail sales rose at home-furnishing stores, bars and restaurants and Internet retailers. Retail sales account for about one-third of consumer spending, the main engine of the economy, and are a good proxy for how fast the U.S. is growing, though the data can be volatile from month to month. In February, the government revised the retail-sales increase to 1.0% from 1.1% while the prior estimate of a 0.2% gain in January was revised to show a 0.1% drop. In the past year, retail sales have risen a seasonally adjusted 2.8%, down from 4.4% in February.
