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US retail sales grew more than expected in March, rising 1.7%, according to Census Bureau data. February's numbers were also revised higher, showing stronger consumer spending than earlier thought. A major reason for the increase was a sharp rise in fuel prices. Gas prices jumped over 24% during the month, driven by higher global oil prices linked to tensions in the Middle East. This pushed up sales at gas stations significantly. Car sales also helped boost the numbers, likely due to discounts and offers from manufacturers. However, when excluding categories like fuel, cars, and food services, spending showed only moderate growth. Core retail sales rose 0.7% in March, suggesting that while consumers are still spending, there are signs of financial pressure beneath the surface. Powered by Commodity Insights
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