According to our analysis USDJPY and EURUSD moved 39 pips on US Retail Sales data on 15 April 2024.

USDJPY (28 pips)

EURUSD (11 pips)

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U.S. Retail and Food Services Sales Surge in March 2024: A Sign of Economic Resilience

In a promising turn of events for the U.S. economy, the latest figures released by the U.S. Census Bureau reveal a robust uptick in retail and food services sales for the month of March 2024. The advance estimates, adjusted for seasonal variation and other factors, paint a picture of resilience and growth despite ongoing global uncertainties.

According to the report, U.S. retail and food services sales for March 2024 reached an impressive $709.6 billion, marking a 0.7 percent increase from the previous month. Even more encouraging is the year-over-year comparison, with sales up by 4.0 percent compared to March 2023. This steady growth trajectory suggests a buoyant consumer sentiment and a healthy appetite for spending.

Digging deeper into the numbers, it's evident that various sectors contributed to this positive trend. Retail trade sales, for instance, saw a notable 0.8 percent uptick from February 2024, signaling increased consumer activity across a range of goods and services. Nonstore retailers emerged as a standout performer, boasting an impressive 11.3 percent increase from the previous year. This surge in online shopping underscores the continued shift towards e-commerce platforms and highlights the importance of digital infrastructure in today's retail landscape.

Equally noteworthy is the resilience displayed by food services and drinking places, which saw a commendable 6.5 percent rise from March 2023. Despite challenges posed by the ongoing pandemic and fluctuating consumer preferences, the food and beverage industry has demonstrated remarkable adaptability and innovation, catering to evolving demands and ensuring customer satisfaction.

Moreover, the report provides insight into the broader economic trajectory, with total sales for the January 2024 through March 2024 period showing a 2.1 percent increase compared to the same period a year ago. This sustained growth over multiple months underscores the underlying strength of the U.S. economy and bodes well for future prospects.

It's worth noting the revised figures for the January 2024 to February 2024 percent change, which was adjusted upwards from 0.6 percent to 0.9 percent. This upward revision reflects a more optimistic outlook and reinforces the narrative of steady expansion in consumer spending.

Overall, the latest data on retail and food services sales in March 2024 paints a picture of resilience and optimism in the face of challenges. As the economy continues to recover and adapt to changing dynamics, these figures serve as a testament to the resilience of businesses and the enduring spirit of consumer confidence. With prudent policies and innovative strategies, the U.S. is well-positioned to navigate the road ahead and emerge stronger than ever before.

Source: https://www.census.gov/retail/sales.html

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