Retail numbers were up slightly in March, which gave mixed results to related exchange traded funds (ETFs), but it’s not what you think.
The 0.2% gain in sales primarily is the result of the higher cost of gas. Retail sales would have been flat, had it not been for a big 1.1% jump in sales at gas stations, reports Martin Crutsinger for the Associated Press. Grocery store sales also were up 0.3%, thanks to the higher cost of food.
The good news is that analysts had been expecting a 0.1% increase. The report follows last week’s news that many retailers experienced sluggish sales last month. Only Wal-Mart (WMT) and Costco (COST) reported some gains, a sign that shoppers are turning into bargain-hunters and limiting themselves largely to necessities.
Otherwise, consumers still were shying away from the malls and confidence plunged to its lowest reading in 26 years earlier this month.