Retail sales post biggest jump in more than 3 years on record spike in gas prices
CNN • • general
Key Points:
- US retail sales surged 1.7% in March, marking the fastest monthly increase since January 2023, driven largely by a record spike in gas prices.
- Gasoline station sales jumped 15.5% due to soaring fuel costs linked to the war with Iran and the closure of the Strait of Hormuz, a key oil transport route.
- Excluding gas stations, retail sales rose 0.6%, slightly slower than February's 0.7% increase, with strong gains in furniture, home furnishings, electronics, and building materials.
- Apparel sales remained flat, and restaurant sales saw minimal growth of 0.1%, indicating uneven spending across sectors.
- Economists note that while consumers remain generally healthy, boosted by tax refunds, the extra income cushioning the impact of high fuel prices may not be sustainable long-term.
