Americans cut their spending at retail stores and restaurants in March for the second straight month, a sign consumers are becoming more cautious after a burst of spending in January.
Retail sales dropped 1% in March from February, a sharper decline than the 0.2% fall in the previous month. Lower sales of autos, electronics, and at home and garden stores drove the decline. The data isn't adjusted for inflation, which rose only slightly last month.
In addition, economists are closely watching to see if banks pull back on lending in the wake of the collapse of two large banks last month. Many smaller banks have lost deposits to larger competitors, which could force them to offer fewer loans to consumers and businesses That could further weaken growth.
On Wednesday, minutes of the Federal Reserve's March 21-22 meeting revealed that the central bank's staff economists are now forecasting a"mild recession" later this year, in large part because the potential for a reduction in lending weigh on growth.
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