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Retail sales slipped 1%, manufacturing output dropped 0.5%
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Michigan data showed jump in year-ahead inflation expectations
The US economy moderated gradually as the first quarter drew to a close, with elevated inflation and borrowing costs restricting household spending and manufacturing activity.
March retail sales slid by the most in four months, largely explained by a slump in receipts at gas stations and a slowdown at auto dealers. A drop in factory output exceeded expectations, though upward revisions to the prior two months allowed production to squeeze out a modest advance in the first quarter.
Taken together with signs of moderating inflation, the latest batch of data is consistent with a steady cooling of economic activity late in the quarter rather than a more significant slump in light of stress in