Retail sales, partly reflecting the pre tariff rush

Core retail sales in March rose .4% m/o/m, two tenths below expectations but offset by a three tenths upward revision to February to a gain of 1.3%. Clear evidence of a buying rush ahead of tariffs was apparent as auto/parts sales jumped by 5.3% after two months of declines. Building material sales were higher by 3.3% m/o/m.

Elsewhere, sales for furniture fell by .7% but electronics sales rose by .8%. Clothing sales rose .4% m/o/m after declines in the two prior months. We’ll see if sock sales pop in April. Sporting goods sales jumped by 2.4% as we enter spring time. Department stores sales dropped by .3% and down by 5.5% y/o/y as this sales outlet continues to struggle. Sales at restaurant/bars rebounded by 1.8% after an .8% drop in February. Online retail sales were flattish, up one tenth but still up 6.1% y/o/y. Sales at miscellaneous stores like pet, dollar, flower, convenience, etc… saw a .7% m/o/m sales gain and by 6.7% y/o/y.