US clothing sector slightly down in March: NRF

Category: GARMENTS

Country: United States

By Textile Today, Bangladesh.
Desk Report
17th April, 2024 10:58 AM

The apparel and accessory stores saw a minor decline, falling by 0.01 percent on a month-over-month (MoM) basis

The most recent data available from the CNBC-NRF Retail Monitor indicates that retail sales in the US maintained a steady stage in March. However, the apparel and accessory store sales declined by 0.01 percent month-over-month (MoM).

However, on an unadjusted basis, these organizations still saw a 2.13 percent increase in year-over-year (YoY).

When seasonally adjusted, total retail sales—which do not include gasoline and autos—rose by 2.72 percent year over year and by 0.36 percent month over month.

This keeps up with the February trend, which showed a rise of 2.7% YoY and 0.4% MoM.

Core retail sales, which exclude restaurants as well as automobiles and gasoline, grew by 0.23 per cent MoM and by 2.92 percent YoY in March. These figures slightly trailed February’s increases of 0.27 percent MoM and 2.99 percent YoY, as per the retail sales monitor.

As a whole for the first quarter, total retail sales showed a YoY increase of 2.65 per cent, while core sales rose by 3.12 percent.

Online and other non-store sales were the month's best performers, accounting for a strong 2.48 percent growth MoM (seasonally adjusted) and a noteworthy 15.47 percent YoY (unadjusted) in sales.

In addition, the music, bookshop, athletic goods, and hobby sectors also fared well, reporting YoY increases of 8.33% and MoM increases of 0.86 percent.

Matthew Shay, President & CEO, NRF said, “As inflation for goods levels off, March’s data demonstrates steady spending by value-focused consumers who continue to benefit from a strong labour market and real wage gains.”

Courtesy: Textiletoday.com.