WASHINGTON — The value of retail sales posted a large gain in March, rising 1.6% vs the 1.0% gain expected by the Bloomberg consensus and an MNI survey, following no revision to sales growth in February that leaves first quarter consumption above the fourth quarter average, data released Thursday by the Commerce Department showed.
Sales excluding motor vehicle sales were above expectations, rising 1.2% compared with a Bloomberg consensus of 0.7% and an MNI median of 0.8%. The greater-than-expected readings were due to a 3.1% gain in motor vehicle sales and a 3.5% gain in gasoline station sales. Excluding those two factors, retail sales were still up 0.9%.
March control group sales rose 1.0%, when a 0.3% gain in building materials and a 0.8% in food services were excluded as well as the motor vehicle and gasoline categories, suggesting underlying strength.
February sales were unrevised to from the previously reported 0.2% decrease, while sales excluding motor vehicles were revised up to a 0.2% decline from the 0.4% decline reported last month. Control group sales were revised down to a 0.3% decline from the 0.2% fall previously reported.
Q1 retail sales were up 0.2% vs the Q4 average at an annual rate. Excluding motor vehicles, retail sales were up 0.8% vs the Q4 average, and were up 2.6% excluding autos, building materials, gas, and food services, suggesting a rebound in PCE growth after a weak February.
