US March Retail Sales Soar Past Expectations

US consumers opened their wallets wider in March, pushing retail sales figures beyond market expectations. This signals that economic activity in the United States remains steady.

The month-on-month increase in retail sales of 1.7% in March represents an improvement from February's 0.7% rise. February's monthly growth rate was revised upward from an initial 0.6% to 0.7%.

Consumer spending was particularly strong in areas such as gasoline (up 15.5% month-on-month, up 18.1% year-on-year) and apparel and accessories (up 7.2% year-on-year). Spending declined in some categories, including furniture and general merchandise stores.

Retail sales revenue increased by 1.9% month-on-month in March. Non-store retailer sales grew by 10.1% year-on-year.

Core retail sales (control group), excluding volatile categories like automobiles, gasoline, building materials, and food services, increased by 0.7% month-on-month. This figure reflects the underlying consumer spending trend used in Gross Domestic Product (GDP) calculations.