U.S. retail spending down in March

Consumers are reining in their spending amid recession fears.

COLUMBIA, S.C. (CNN)– Consumers are reining in their spending amid recession fears.

That’s according to data out today from the Commerce Department. Retail sales fell by 1% in March compared to February.

Economists were expecting a drop of only four-tenths of a percent. The recent banking crisis has only fueled concerns about a recession.

Last month, two large U.S. banks collapsed.

The fed says that banking crisis is likely to push the nation into a mild recession later this year.