Retail sales in the US have fallen by 1% in March compared to the previous month, according to the Commerce Department. While the decline was steeper than expected, the figure is 2.9% higher year-on-year. Smaller tax returns and concerns about the labour market have been cited as reasons for the drop, which was particularly noticeable in spending at general merchandise stores and petrol stations, the latter of which saw a decline of 5.5% from February. However, Michelle Meyer, the chief economist at Mastercard Economics Institute, has said the labour market is still comparatively healthy, meaning consumer spending may yet pick up again.
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