Retail sales up 1.7% in March from February driven by a spike in gas prices
Summary
Retail sales in the U.S. rose 1.7% in March compared to February, mainly because of higher gas prices caused by the war in Iran. When excluding gas, overall retail sales increased only slightly, with some growth in department stores, furniture, and online shopping.Key Facts
- U.S. retail sales increased by 1.7% in March after a 0.7% increase in February.
- The rise in gas prices, linked to the Iran war, caused gas station sales to jump 15.5%.
- Excluding gas sales, retail sales rose by just 0.6% in March.
- Sales grew 4.2% at department stores and 2.2% at furniture stores.
- Online retailers saw a 1% increase in sales.
- Restaurant sales, the only service category included, went up by 0.1%.
- The Iran war started on February 28 and has closed the Strait of Hormuz, which stops about one-fifth of the world’s oil supply.
- The report does not include spending on travel or hotels, only some retail and restaurant spending.
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