Sporting goods and hobby retailers were among the bigger beneficiaries as March’s U.S. retail sales grew nearly 0.4% from the prior month and increased 2.7% from a year earlier, according to the latest monthly report from the National Retail Federation and business news network CNBC.

“As inflation for goods levels off, March’s data demonstrates steady spending by value-focused consumers who continue to benefit from a strong labor market and real wage gains,” NRF CEO Matthew Shay said in a statement from the trade group. “In this highly competitive market, retailers are having to keep prices as low as possible to meet the demand of consumers looking to stretch their family budgets.”

The report said core retail sales, excluding restaurant, auto and gasoline purchases, rose 0.23% for the month and increased 2.9% for the year. March sales increased in six of nine retail categories on a year-over-year basis, led by an 8.3% boost for the category that includes sellers of sporting goods, hobby supplies, books and music.

Other notable year-over-year gainers included health and personal care stores at 4.5%, grocery and beverage stores at 4.2% and general merchandise stores at 3.4%. Categories posting annual declines included electronics and appliance stores at 5.9%, furniture and home furnishing retailers at 5.3% and building and garden supply stores at 4%.

The monitor report, initiated in November 2023, tracks retail sales based on anonymized credit and debit card purchase data compiled by consulting firm Affinity Solutions. It is considered a preview of official U.S. retail sales figures expected to be released in the next few days by the Department of Commerce, based on household surveys. 

A wave of biotech company job cuts that accelerated in 2023 has continued into the early months of 2024, with more than 50 life science companies announcing planned reductions nationwide so far this year, according to ongoing tracking by industry news site Fierce Biotech.

Company and state notification filings showed that April cuts include plans by Genentech and Sanofi to eliminate more than 500 jobs in the San Francisco Bay Area. Rival Novartis disclosed plans to cut about 440 development positions in Switzerland and 240 in the United States, and Amylyx Pharmaceuticals said it plans to cut 70% of its 384-member staff primarily in the Boston area, according to Fierce Biotech.

Biotech remains relatively healthy compared with other industries in terms of future development and investment, but brokers and analysts note leasing activity slowed significantly during the past year as many companies put space back on the market for subleasing in key life science hubs, including Boston, San Francisco and San Diego.

While many of last year’s workforce reductions were by small- and mid-sized companies trimming real estate in response to waning demand for COVID-19 vaccines and treatments, some of the most recent are the result of consolidations and restructurings involving global pharmaceutical giants.

Despite significantly growing its real estate presence in San Diego during the past year, Bristol Myers Squibb filed notice in late March that it was laying off the majority of the workforce of Mirati Therapeutics after acquiring the San Diego-based maker of cancer treatments for $4.8 billion. The move is expected to result in 423 job cuts across California in the coming year, according to state filings.

German drugmaker Bayer filed notice with the state that it planned to lay off 90 at its U.S. headquarters in Whippany, New Jersey, effective June 19, as part of wider global efforts to cut costs.