U.S. Retail Sales Rise in March Due to Increased Gasoline Receipts and Tax Refunds
U.S. retail sales rose 1.7% in March, the largest increase since March 2025, driven by a record surge in gasoline receipts and tax refunds. The increase was partly attributed to higher gasoline prices due to the U.S.-Israel war with Iran, which also raised global oil prices by over 30%. The report suggests economic growth picked up in the first quarter.
Topics: economic growth gasoline prices Middle East conflict retail sales tax refunds