Total retail sales declined 1.0% month-over-month in March (consensus -0.4%) following an upwardly revised 0.2% decline (from -0.4%) in February. Excluding autos, retail sales were down 0.8% month-over-month (consensus -0.4%) following an upwardly revised unchanged reading (from -0.1%) in February.
The key takeaway from the report is that sales declines were seen across most retail categories, reflecting weakness in consumer spending on goods that should exacerbate concerns about an economic slowdown that cuts into earnings prospects.