US retail sales in March 2024 exhibited a steady increase with a 0.7% rise from February, according to the latest data from the Census Bureau.  

This compares with a 0.9% month-on-month increase and a 2.1% year-on-year (YOY) rise in February.  

During the month, core retail sales, which excludes automobile dealers, gasoline stations and restaurants, saw a 1.1% seasonally adjusted increase from February and a 3.2% unadjusted increase from the same period of 2023. 

Retail trade sales in March 2024 rose by 0.8% from February and were 3.6% above the same month of the previous year.

Non-store retailers experienced an 11.3% increase from the same month of 2023, while food services and drinking outlets saw a 6.5% rise.

Total sales for the January to March period of 2024 were up 2.1% from the same period a year previously, with the January to February figure showing an increase from 0.6% to 0.9%. 

On a three-month moving average as of March 2024, core retail sales were up 3.9% unadjusted YOY.  

National Retail Federation chief economist Jack Kleinhenz said: “March’s Census Bureau numbers confirm that consumer spending remains steady, underscoring a resilient consumer despite inflationary pressure.”  

“While sales were mixed, several factors supported retail sales including an early Easter holiday, slightly larger 2023 tax refunds and stronger payroll growth over the last three months. Nonetheless, the increasing share of consumer spending going to services as prices for services rise remains a stubborn problem because it leaves less household income available to spend on retail goods.” 

The CNBC/NRF Retail Monitor, powered by Affinity Solutions, recently reported that core retail sales in March were up 0.23% seasonally adjusted from February and up 2.92% unadjusted YOY, slightly lower than the increases seen in February.