AIRLINK 62.40 Decreased By ▼ -0.08 (-0.13%)
BOP 5.33 Decreased By ▼ -0.03 (-0.56%)
CNERGY 4.46 Decreased By ▼ -0.12 (-2.62%)
DFML 15.35 Decreased By ▼ -0.15 (-0.97%)
DGKC 65.28 Decreased By ▼ -1.12 (-1.69%)
FCCL 17.20 Decreased By ▼ -0.39 (-2.22%)
FFBL 27.65 Decreased By ▼ -0.05 (-0.18%)
FFL 9.30 Increased By ▲ 0.03 (0.32%)
GGL 10.06 No Change ▼ 0.00 (0%)
HBL 104.90 Decreased By ▼ -0.80 (-0.76%)
HUBC 121.35 Decreased By ▼ -0.95 (-0.78%)
HUMNL 6.54 Decreased By ▼ -0.06 (-0.91%)
KEL 4.43 Decreased By ▼ -0.07 (-1.56%)
KOSM 4.45 Decreased By ▼ -0.03 (-0.67%)
MLCF 35.50 Decreased By ▼ -0.70 (-1.93%)
OGDC 122.35 Decreased By ▼ -0.57 (-0.46%)
PAEL 22.68 Decreased By ▼ -0.32 (-1.39%)
PIAA 31.54 Increased By ▲ 2.20 (7.5%)
PIBTL 5.77 Decreased By ▼ -0.03 (-0.52%)
PPL 106.80 Decreased By ▼ -0.70 (-0.65%)
PRL 27.16 Decreased By ▼ -0.09 (-0.33%)
PTC 18.24 Increased By ▲ 0.17 (0.94%)
SEARL 52.45 Decreased By ▼ -0.55 (-1.04%)
SNGP 62.65 Decreased By ▼ -0.56 (-0.89%)
SSGC 10.56 Decreased By ▼ -0.24 (-2.22%)
TELE 9.02 Decreased By ▼ -0.18 (-1.96%)
TPLP 11.43 Decreased By ▼ -0.01 (-0.09%)
TRG 70.00 Decreased By ▼ -0.86 (-1.21%)
UNITY 23.50 Decreased By ▼ -0.12 (-0.51%)
WTL 1.27 Decreased By ▼ -0.01 (-0.78%)
BR100 6,920 Decreased By -24 (-0.35%)
BR30 22,641 Decreased By -186.6 (-0.82%)
KSE100 66,933 Decreased By -208.8 (-0.31%)
KSE30 22,048 Decreased By -42 (-0.19%)

WASHINGTON: Retail sales in the United States slipped more than anticipated in March, according to government data released Friday, extending a downward trend that signals cooling in the economy.

The US central bank has raised interest rates steeply since early last year to lower demand and rein in high inflation, and there are signs that its policy is starting to bite.

Retail sales fell by one percent in March from a month prior, to $691.7 billion, said the Commerce Department, adding that February’s contraction was revised to a smaller 0.2 percent as well.

But compared with the same period last year, retail sales were still 2.9 percent higher.

Top US Fed official says more monetary tightening needed

The slide in March came on the back of contractions seen in sales of motor vehicles and parts, electronics and appliances, as well as in general merchandise stores.

Sales at food and beverage stores, however, only shrank slightly, the data showed.

A bigger-than-expected drop in sales would offer “yet more evidence that the apparent strength in consumption so far this year was nothing more than a weather-driven fluke,” said Pantheon Macroeconomics in a recent report.

The data also follows a trend of slowing price increases, with inflation cooling to 5.0 percent last month – the smallest annual jump since May 2021.

But although the figures were cheered by policymakers, it will likely take more decisive numbers to persuade the Federal Reserve to pull back on its rate hikes.

Comments

Comments are closed.