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MNI BRIEF: US March Retail Sales Surge On Stimulus Check Boost

MNI (Washington)

U.S. retail sales in March rose 9.8%, the quickest sales pace since May, anticipated by the latest MNI Reality Check and nearly double the 5.8% increase financial markets had anticipated. February's 3% decline was revised up to -2.7%.

Sales at motor vehicle and parts dealers were up 15.1% after falling 3.5% in February, and gas station sales rose 10.9% following a weaker 3.8% gain. Excluding motor vehicle sales, retail sales were up 8.4% in March. Excluding motor vehicle and gas station sales, retail sales were up 8.2%.

Clothing and clothing accessories store sales rose 23.5% through the month, recovering from a 5.5% decline in February. Other notable gains came from sales at sporting goods stores (+18.3%), food services and drinking places (+13.4%), building materials stores (+12.1%), and electronics and appliance stores (+10.5%).

US Retail Sales m/m (March)

Source: Bloomberg

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