There is a Little Good News
Dan North | April 2025
Retail sales exceeded already strong expectations of a 1.2% month-over-month gain in March, and instead posted a hearty 1.4%, the most since January 2023. However, the increase was driven in large part by a 5.3% leap in auto sales, also the most since January 2023. Without auto sales, the headline fell to a still-decent 0.5%. The surge in auto sales was almost certainly driven by consumer buying before tariffs went into effect on April 3. But there was plenty of other joy to spread around, and in fact, the only losses were in home furnishing and gasoline.
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