U.S. March Retail Sales Up 1.7%... Gas Stations Lead the Growth

Exceeds Expert Forecasts

Despite a rise in gasoline prices caused by the war in Iran, U.S. retail sales in March showed unexpectedly strong performance.

The U.S. Department of Commerce announced on April 21 (local time) that retail sales in March increased by 1.7% compared to the previous month. This figure exceeds the Dow Jones expert forecast of 1.5% and is significantly higher than the revised figure for February, which was 0.7%.

Due to the sharp rise in international oil prices, gasoline prices increased, driving gas station sales up by 15.5%. In addition, sales in most other sectors also rose, including furniture by 2.2%, electronics by 0.9%, department stores by 4.2%, and online sales by 1%.

Experts analyzed that the simultaneous boost in consumption was driven by several factors: expanded income tax refunds at the beginning of the year, the shifting timing of Easter, and warmer weather following winter.

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