US retail sales fall 0.4 per cent in March, most in 9 months, a sign of consumer caution

WASHINGTON – U.S. retail sales fell in March from February by the most in nine months, indicating higher taxes and weak hiring have made consumers more cautious about spending.

The Commerce Department says retail sales declined a seasonally adjusted 0.4 per cent last month. That followed a 1 per cent gain in February. Both February and January’s figures were revised lower.

Consumers cut back across a wide range of categories. Sales at auto dealers dropped 0.6 per cent. Gas station sales dropped 2.2 per cent, partly reflecting lower prices. The retail sales figures aren’t adjusted for price changes.

Excluding autos, gas and building materials, core sales dropped 0.2 per cent in March. That followed a gain of 0.3 per cent in January. Department stores, grocery stores, electronics retailers and sporting goods stores all reported lower sales.

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The Associated Press

Christopher S. Rugaber

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