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Economic News

United States: Retail Sales and Manufacturing Fell in March

April 14, 2023
Francis Généreux
Principal Economist

Retail sales were down 1.0% in March following a 0.2% decline in February and a 3.1% spike in January.

Excluding motor vehicles and gasoline, sales slipped 0.3% after holding steady in February.

Industrial production was up 0.4% in March following increases of 0.2% in February and 0.9% in January.

Recent declines in retail sales and manufacturing suggest the economy is slowing, though strong January gains point to a pretty solid quarterly reading. The Federal Reserve would like to see more monthly data like this before ending its monetary tightening cycle, which it’s expected to do soon.