A presumably temporary pre-tariff surge in motor vehicle sales drove the strong 1.4% m/m increase in retail sales in March. But there was also a big 3.3% m/m rebound in building materials sales and a 1.8% m/m increase in food services sales, suggesting that the severe winter weather played a key role in holding back sales in the opening two months of this year. Control group retail sales – used in the BEA’s consumption estimate – increased by 0.4% m/m last month, while February’s increase was revised up to show an even stronger 1.3% m/m gain.
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