Commerce Department: March retail sales rise 1.7% as gas station sales surge 15.5%
AP News
—
Shoppers accelerated their spending in March from February, but they spent most of their money at the gas pump.
A spike in gas prices due to the Iran war, now in its eighth week, resulted in a hefty 1.7% gain in March after a revised 0.7% increase in February, according to the Commerce Department’s report on Tuesday.
The report marks the first read on spending to capture the effects of the Iran war.
Excluding gas prices, the growth was a slim 0.6%, helped in part by government tax refunds and warm weather.
March retail sales surge on gas prices
- U.S. retail sales posted a 3-year high in March, but gas did the heavy lifting Quartz —
- Retail sales up a sharp 1.7% in March from February driven by a spike in gas prices due to the Iran war PBS —
- US Retail Sales Surge by Most in a Year in Broad Advance Bloomberg —
- Record surge in gasoline receipts boosts US retail sales in March - Reuters Reuters —
- Higher Gasoline Prices Lifted March Retail Sales Wall Street Journal —