Fueled by higher gas prices, retail sales see biggest monthly jump in years
US retail sales rose 1.7% in March, driven largely by a 15% increase in gas station sales due to higher gas prices. Core retail spending, excluding gas stations, increased a more moderate 0.6%.
US retail sales saw their strongest monthly growth in over three years in March, according to a Commerce Department report. Americans spent $752.1 billion, up 1.7% from February and 4% from last March. The increase was largely driven by a sharp rise in gas prices, with gas station sales jumping 15% in March, the biggest monthly jump in at least 30 years. Core retail spending, excluding gas stations, rose 0.6% from February and 2.9% from last March. The national average gas price is $4.02 a gallon, up from $3.15 a year ago. Despite cost pressures, consumers are still spending, with sales slightly outpacing inflation.
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