U.S. retail sales fall 1% amid high inflation and rising rates

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.

The decline in sales adds to other recent evidence that the economy is cooling as consumers...