Retail sales up 1.7% in March from February
Shoppers picked up spending in March from February, though much of it went to higher gas prices.
A surge in gas prices tied to the Iran war, now in its eighth week, helped drive a 1.7% rise in retail sales in March, following a revised 0.7% increase in February, the Commerce Department reported Tuesday. It was the fastest monthly gain in more than three years and the first snapshot to reflect the war’s impact.
Excluding gas, retail sales rose 0.6%, supported in part by tax refunds and warm weather.
Gas station sales jumped 15.5%.
Elsewhere, spending remained steady. Department store sales rose 4.2%, furniture and home furnishings stores gained 2.2%, online retailers increased 1%, and electronics and appliance stores edged up 0.9%. Miscellaneous retailers were the only category to decline, according to the report.
The data offers only a partial view of consumer spending and excludes areas like travel and hotels. Restaurants, the only services category included, rose 0.1%.
