Retail sales hold up amid tight jobs market

Retail sales held up in March, but cost-of-living pressures are starting to bite, write KPMG economists Thu Hoang and Tayushma Sewak.

Retail sales continued to hold up in the face of higher interest rates, though volumes have backed off. Retail sales (seasonally adjusted) rose modestly by 0.4 percent in March, following a 0.2 percent increase in February. While the total retail trade level remained flat in recent months, it was still elevated relative to the pre-COVID-19 trend.  Through the year, retail sales were up by 5.4 percent - the annual growth has been trending downwards from its peak of 19.3 percent in Augu...

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Authors: Tayushma Sewak

Published Date: 04 May 2023