Retail sales rise more than expected in March as energy costs increase
Compared with a year ago, retail sales rebounded 4%.
(AFP) The country's retail sales far exceeded expectations in March, according to government data released Tuesday reflecting the fallout from the war in the Middle East.
Sales rose 1.7% last month from the previous month to $752.1 billion, a larger rise than analysts expected and the biggest jump in a year, the Commerce Department said.
Compared with a year ago, retail sales rebounded 4%.
A 15.5% monthly increase in gas station sales
The acceleration was driven by a 15.5% monthly increase in gas station sales as energy costs rose in March because of the war.
Joint U.S.-Israeli strikes against Iran starting Feb. 28 triggered retaliation from Tehran, which virtually blocked the Strait of Hormuz, a key waterway for global hydrocarbon transit.
Excluding gas stations, overall retail sales rose only 0.6% on a monthly basis.
Among other categories, motor vehicle and parts sales were up 0.5% from February, while food and beverage stores were up 0.7%.
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