U.S. retail sales fell for a second straight month in March and consumer prices dropped for the first time in just over a year, supporting views that the economy lost significant momentum in the first quarter.
But with the labor market near full employment, the decline in sales and consumer prices reported by the government today is likely temporary and probably does not change expectations that the Federal Reserve will raise interest rates again in June.
The Commerce Department said retail sales dropped zero-point-two percent last month after a zero-point-three percent decrease in February, which was the first and biggest decline in nearly a year. Compared to March last year, retail sales increased five-point-two percent.
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