U.S. Retail Sales Rise 1.7% in March, Driven by Gas Price Surge
U.S. retail sales increased by 1.7% in March, the largest monthly gain in three years, primarily due to a spike in gas prices linked to the Iran war. Excluding gas station sales, the broader retail growth was only 0.6%. The increase in gas prices was driven by disruptions in the Strait of Hormuz, which affected global crude supplies.
Topics: consumer spending economic data gas prices Iran war impact retail sales