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Here come retail sales ...

Aug 14, 2024, 15:26 IST
REUTERS/Rick WilkingThe Commerce Department is set to release its monthly report on retail sales at 8:30 a.m. ET.

Economists forecast that retail sales fell by 0.1% month-on-month in March, according to Bloomberg. That would be the first decline in six months, amid a slowdown in car sales and delayed tax refunds this year.

Excluding the volatile costs of autos and gas, core retail sales are expected to increase 0.3%.

"The downturn in auto sales is going to be a headwind for retail in general," said Jim Baird, the chief investment officer at Plante Moran Financial Advisors.

The Big Three automakers reported worse-than-expected sales in March, demonstrating that the market may have plateaued after an unprecedented seventh straight year of record sales.

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Winter Storm Stella, which blasted through the Northeast in March, may have also impacted sales last month.

More to come ...

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