U.S. retail sales fall more than expected, down for a second straight month in March

U.S. retail sales slipped for a second straight month in March, data released by the Commerce Department showed on Friday. U.S. retail sales dropped 0.2 percent month-over-month in March, more than economists' forecast for 0.1 percent fall.

Data compared to February's retail sales which were revised down to show a 0.3 percent decrease instead of the previously reported 0.1 percent gain. February's drop was the first and biggest in nearly a year. U.S. retail sales increased 5.2 percent year-on-year.

Core retail sales excluding automobiles, gasoline, building materials and food services, retail sales rebounded 0.5 percent after a downwardly revised 0.2 percent decline in February (previously reported to have edged up 0.1 percent).

Motor vehicle sales in March fell 1.2 percent, decreasing for a third straight month. Softening demand for automobiles suggested economic growth slowed abruptly in the first quarter. Sales at building material stores fell 1.5 percent, while sales at electronics and appliances stores surged 2.6 percent, the largest increase since June 2015.