Financial News: U.S. Retail Sales Jump 1.7% In March, More

U.S. Retail Sales Jump 1.7% In March, More Than Expected

(RTTNews) - The Commerce Department released a report on Tuesday showing retail sales in the U.S. surged by more than expected in the month of March.

The report said retail sales shot up by 1.7 percent in March after climbing by an upwardly revised 0.7 percent in February.

Economists had expected retail sales to jump by 1.4 percent compared to the 0.6 percent increase originally reported for the previous month.

Excluding sales by motor vehicle and parts dealers, retail sales surged by 1.9 percent in March after growing by 0.7 percent in February. Ex-auto sales were expected to leap by 1.3 percent.

The stronger than expected retail sales growth partly reflected a sharp increase in sales by gas stations due to higher gasoline prices.

The Commerce Department said sales by gas stations skyrocketed by 15.5 percent in March after jumping by 1.3 percent in February.

Sales by department stores also spiked by 4.2 percent during the month, while sales by furniture and home furnishings stores shot up by 2.2 percent.

"Consumers aren't splurging like the headline suggests," said Nationwide Financial Market Economist Oren Klachkin. "Rather, the robust 1.7% rise in March retail sales largely reflects higher gasoline prices."

He added, "Take gasoline, not to mention inflation, out of the equation and spending wasn't as ebullient. Still, all in all consumers still appear to be spending."

The report said core retail sales, which exclude automobiles, gasoline, building materials and food services, increased by 0.7 percent in March after climbing by 0.6 percent in February.

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