US retail sales fell in March as the recent economic slowdown was felt in a variety of industries, from autos to furniture, the US Commerce Department reported today.
Sales fell a larger-than-expected 0.2 per cent in the month to a seasonally adjusted $274.09 billion.
Purchases of big-ticket durable goods - items intended to last for three or more years - were off more sharply, dropping 0.7 per cent.
March's sales drop was the first monthly decline since November and is likely to increase chances for another cut in interest rates when Federal Reserve policymakers meet on May 15th.
Although the March figures came in gloomier than generally expected, February sales, which had been reported as falling 0.2 per cent, were revised upward in the report to an unchanged reading.