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%.