The US Commerce Department reported that retail sales fell by 1.0% in March. Forecasts were for sales to fall by 0.4%.
The decline in retail sales was almost across the board. Receipts at auto dealers dropped 1.6%. Furniture store sales fell 1.2%, while receipts at electronics and appliance stores tumbled 2.1%. Sales at building material and garden equipment supplies dealers plummeted 2.1%. Receipts at clothing outlets dropped 1.7%. Receipts at clothing outlets dropped 1.7%. The pullback in retail sales is mostly attributed to the Fed's year-long interest rate hiking campaign, which is slowing inflation by cooling domestic demand.
Another report from the FED showed manufacturing production dropped 0.5% in March after increasing 0.6% in February. Motor vehicle output fell 1.5%. Excluding autos, manufacturing production also decreased 0.5%.
Post by: Republic of Türkiye Ministry of Trade