
Retail sales in the U.S. increased in March, according to data released by the U.S. Census Bureau, as consumers navigated ongoing concerns about the potential effects of rising tariffs.
The National Retail Federation (NRF) shares that the Census Bureau reported an increase of 1.4% seasonally adjusted from February and 4.6% unadjusted year over year in overall retail sales. This followed more modest gains of 0.2% month over month and 3.5% year over year in February.
Core retail sales—which exclude auto dealers, gas stations, and restaurants—increased 0.6% seasonally adjusted from February and 3.4% year over year in March. On a three-month moving average, core sales were up 2.6% compared with the same period a year ago.
“Retail sales strengthened in March, supported by continued solid growth in income, lower energy costs, and bigger-than-usual tax refunds that all helped support household budgets,” says Jack Kleinhenz, NRF chief economist. “However…on-again, off-again rising tariffs and resulting turmoil in the stock market and world economy are clearly impacting consumer concerns about higher prices and future consumer spending growth.”
Separate figures released Monday by the CNBC/NRF Retail Monitor showed core retail sales rose 0.4% seasonally adjusted month over month in March and 5.07% unadjusted year over year. In February, core retail sales had declined 0.22% from January but were up 4.11% compared to a year earlier.
The retail sales data reflect consumer activity following President Donald Trump’s tariff announcements on China, Canada, and Mexico in February, but prior to additional measures unveiled in early April, including proposed tariffs on a broader range of U.S. trading partners. Some of those tariffs were temporarily suspended, while other trade actions remain under consideration.