🤯 Picked by our AI, this stock rallied more than Nvidia this month, yielding 94% since MarchSee the stock

Retail Sales Rises More Than Expected In March, Indicate Strong Consumer Spending

Published 15/04/2024, 13:42
© Reuters.  Retail Sales Rises More Than Expected In March, Indicate Strong Consumer Spending

Benzinga - by Piero Cingari, Benzinga Staff Writer.

The pace of retail sales growth increased more than expected last month, indicating that consumers are exhibiting increased resilience despite recent inflationary pressures.

Retail and food services sales for March increased by 4% compared to the previous year, much higher than the previous upwardly revised growth rate of 2.1%, according to the U.S. Census Bureau’s advance estimates released Monday.

March Retail Sales Report: Key Highlights

  • Retail sales for March 2024 rose to $709.6 billion, up 0.7% on a month-on-month basis, decelerating from the previous upwardly revised 0.9% monthly growth in February and topping the expected 0.3% rise.
  • Compared to March 2023, retail sales saw a 4% increase, marking an acceleration from the previous 2.1% annual growth rate. It marks the strongest reading since December 2023.
  • Items recording the largest month-on-month increases were nonstore retailers, up 2.7%, and gas stations, up 2.1%.
  • Sporting goods, hobby, musical instrument and book stores witnessed a 1.8% monthly drop, followed by clothing & clothing accessories stores, down 1.6%.
  • Excluding auto sales, retail sales advanced at a monthly pace of 1.1%, showing an increase from the upwardly revised rate of 0.6% in February, and sharply beating expectations of 0.4%.
  • Excluding auto sales and gas stations, retail sales advanced at a monthly pace of 1%, marking an increase from the previous upwardly revised rate of 0.5% and topping estimates of 0.3%.
Market Reactions Major U.S. averages traded higher during premarket trading on Monday as investors found relief in the absence of an imminent counterattack by Israel following Iran’s attacks over the weekend.

Futures on the S&P 500 index were up 0.8% at 8:35 a.m. in New York, indicating an attempt at a rebound after Friday’s 1.4% drop, which marked the worst session of the year so far.

The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), inched higher following the retail sales report, backed by rising Treasury yields.

The yield on the 10-year Treasury note soared 9 basis points to 4.61%, reaching the highest since mid November 2023.

Read now: US Stocks Look Set To Start Week On Solid Note Despite Iran-Israel Conflict, Bitcoin Tops $66K: Why This Analyst Sees Another Tech Bull Run

Photo via Shutterstock.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.