NAICS 444 sales down from last year
A report from the United States Census Bureau shows sales for Building material & garden equipment and supplies dealers (NAICS 444) hit $39,072,000,000 in March. That’s down 7.3 percent from the same mont last year.
On an adjusted basis, NAICS 444 sales were up slightly — up 0.7 percent — from February.
Compared to other retail categories, the hardware and building supply sector performed well on an adjusted basis, compared to February.
Overall retail sales continued to increase.
"March’s Census Bureau numbers confirm that consumer spending remains steady, underscoring a resilient consumer despite inflationary pressure,” said National Retail Federation Chief Economist Jack Kleinhenz. “While sales were mixed, several factors supported retail sales including an early Easter holiday, slightly larger 2023 tax refunds and stronger payroll growth over the last three months. Nonetheless, the increasing share of consumer spending going to services as prices for services rise remains a stubborn problem because it leaves less household income available to spend on retail goods.”
On Friday, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that March sales grew at a steady pace. The Retail Monitor found core March retail sales were up 0.23% seasonally adjusted from February and up 2.92% unadjusted year over year. That compared with increases of 0.27% month over month and 2.99% year over year in February.
