Both goods and services sales growth slowed dramatically in March…
Finally, as a reminder, retail sales data is nominal – i.e. not adjusted for inflation. While the two data series are not ‘fungible’ per se – i.e. not weighted the same by product – we can get some idea of ‘real’ retail sales by reducing the headline data by CPI… It was negative for the second straight month…
Additionally, the March advance was led by a 8.9% jump in spending for gasoline. Excluding receipts at gas stations, sales fell 0.3% last month.
Of course, don’t forget that real wages growth has been negative for 13 straight months.