Retail

US' retail sales grow 3.6% YoY in March 2024: Census Bureau

16 Apr '24

1 min read

Pic: Adobe Stock

Insights

In March 2024, US' retail sales rose by 0.8 per cent from February and showed a 3.6 per cent increase YoY.
Nonstore retailers experienced an impressive 11.3 per cent growth compared to last year.
Total retail and food services sales reached $709.6 billion, marking a 0.7 per cent increase from the previous month and a 4 per cent rise from March 2023.

The US saw a robust increase in retail trade sales for March 2024, signalling a continued recovery in the retail sector, according to the US Census Bureau. Retail trade sales rose by 0.8 per cent from February 2024 and exhibited a significant 3.6 per cent increase compared to the same month last year.

Particularly notable were the performances of nonstore retailers, which saw an impressive 11.3 per cent year-over-year growth.

Overall retail and food services sales, adjusted for seasonal variation and holiday and trading-day differences but not for price changes, reached $709.6 billion. This represents a 0.7 per cent rise from the previous month and a 4 per cent increase from March 2023, as per the bureau.

The sales growth from January 2024 to February 2024 was revised upwards from 0.6 per cent to 0.9 per cent. For the first quarter of the year, total sales from January through March were up 2.1 per cent compared to the same period in the previous year.

Fibre2Fashion News Desk (DP)

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