US retail sales “moderated” in March but “positive growth” is expected for 2023 Ship’s crew

According to the National Retail Federation (NRF), retail sales in the United States slowed in March but still posted growth compared to the same period last year.

The NRF said that while retail sales weakened in March after posting strong gains in the first two months of the year, the ongoing decline in inflation, overall strength in the labor market and wages kept consumer fundamentals strong . which should support their ability to spend on budget priorities through 2023.

The latest data provides additional insight into US container imports, which are expected to pick up gradually in the first half of the year ahead of a more normal peak shipping season – albeit below the volume of the pandemic.

“March spending reversed the strong pace of core retail sales we saw earlier this year,” said NRF chief economist Jack Kleinhenz. “These results reflect both slower economic activity and lower prices due to slowing inflation — meaning fewer dollars are being spent even when consumers are buying the same number of goods — but there is still plenty of spending in the economy. “

The US Census Bureau reported that total retail sales fell 1% in March from February but rose 2.9% year-on-year. In contrast, the NRF calculation of retail sales, which excludes auto dealerships, gas stations and restaurants to focus on core retail, showed March down 0.5% compared to February but up 4.6% year-on-year is.

Despite slowing growth in March, NRF President and CEO Matthew Shay said retailers recognize the pressure on consumers from increased prices for services and experiences, and the impact of higher interest rates, and are prioritizing product mix, competitive pricing and convenience to help consumers exhaust the budget.

Overall, the NRF projects that retail sales will grow between 4% and 6% in 2023 compared to 2022.

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