Retail sales decrease again as high inflation and interest rates lead consumers to cut spending

Retail sales in the U.S. fell 1% from February to March, indicating a slowing economy.
Sales fell among most retailers, including auto dealers, gas stations, electronics stores, and home and garden stores.
Even after excluding gas stations, retail sales still fell by 0.6%.
The decline in sales adds to other recent evidence that the economy is cooling as consumers grapple with higher interest rates and the impact of a year-long bout of elevated inflation.
Economists are closely watching to see if banks pull back on lending in the wake of the collapse of two large banks last month, which could further weaken growth.