Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful
NEW YORK (AP) — Americans boosted spending at a hotter-than-expected pace in March, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges.
Retail sales rose 0.7% last month — almost double what economists had forecast — after rising 0.9% in February, according to Commerce Department data released Monday. The February figure was revised upward. That comes after sales fell 1.1% in January, dragged down in part by inclement weather. Excluding gas prices, which have been on the rise, retail sales still rose a solid at 0.6%.
The national average gas price Monday was $3.63 per gallon, per AAA, up 6 cents from a week ago, and up 19 cents from last month, but they’re still 3 cents below where they were at this point last year.
The snapshot offers only a partial look at consumer spending and doesn’t include many services, including travel and hotel lodges. But the lone services category - restaurants - registered an uptick of 0.4%.
Related articles
- Brits celebrated the long weekend by taking part in pub crawls and drinking with friends without fea2024-05-07
China announces new partners for International Lunar Research Station
More partners, including one country and two international organizations, will participate in the co2024-05-0711 missing in Guangdong rainstorm
A total of 11 people are missing after continuous heavy rainfall hit many parts of south China's2024-05-07Paris 2024 countdown 100 days: moving forward amid expectations
With the Olympic flame lit on Tuesday in ancient Olympia, the countdown to the Paris Olympic Games h2024-05-07Auditors can't locate former St. Louis circuit attorney to complete state audit
ST. LOUIS (AP) — A state examination of the office that handles criminal prosecutions in St. Louis i2024-05-07Video reviews have changed the face of European soccer. One country is holding out
STOCKHOLM (AP) — As the Swedish league got underway this spring, yellow-and-black-clad supporters of2024-05-07
atest comment