News
Retail Sales Fell In March But Experts Are Optimistic Moving Forward
Commerce Department data shows U.S. retail sales fell for the second month in a row in March, largely due to weakness in the automobile sector.
Total value of purchases dropped 0.2%, compared to a 0.3% loss in February, but retail control-group sales that exclude volatile markets rose 0.5%, Bloomberg reports. Sales in the control group have risen 4.1% year-over-year over the last quarter, beating last year's pace.
Internet transactions outpaced brick-and-mortar sales over the period, helping explain why retailers are cutting jobs at rates only before seen in recessions. Experts expect weakness in auto sales to be short-lived and said steady hiring and strong consumer confidence should push spending to rebound in April.
