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Record Surge in Gasoline Receipts Boosts US Retail Sales in March
Gas station sales jumped 15.5% as higher fuel costs lifted the headline gain, while retail sales excluding gasoline rose just 0.6%, the Commerce Department said.
- On Tuesday, the Commerce Department reported retail sales rose 1.7% in March to $752.1 billion, driven by surging gasoline prices following conflict in the Middle East.
- The Iran war, which began in Feb., has blocked the Strait of Hormuz, cutting off one-fifth of the world's oil supply and driving domestic energy costs higher.
- Business at gasoline stations rose 15.5% while department store sales increased 4.2%; excluding gas, overall sales grew only 0.6%.
- Economist Nancy Vanden Houten of Oxford Economics said, "The war-driven spike in gas prices drove the surge in headline retail sales in March."
- Vanden Houten warned that "the tailwind from a blockbuster refund season will fade soon, causing households to cut back on discretionary spending as energy costs remain high.
47 Articles
47 Articles
U.S. retail sales surge as gas prices spike from Iran war | Honolulu Star-Advertiser
WASHINGTON >> U.S. retail sales increased more than expected in March as the war with Iran boosted gasoline prices and led to a record surge in receipts at service stations, while tax refunds underpinned spending elsewhere.
US Retail Sales Jump in March as Higher Gas Prices Lift Spending
Americans kept on spending in March amid a sharp rise in gasoline prices, new government data suggest. Retail sales, an estimate of how much money people spend on goods and services at the retail level, rose 1.7 percent in March from the previous month, the U.S. Census Bureau reported on April 21. Compared with a year earlier, retail sales were up 4 percent. That marked a significant surge from the Bureau’s upwardly revised 0.7 percent monthly g…
Retail Sales Hit 3-Year High Amid Iran War Impact
The U.S. retail sales surged in March, driven largely by soaring fuel costs linked to the Iran conflict, according to data from the Commerce Department reported by CNN. Retail spending rose 1.7% for the month, marking the fastest increase in more than three years. The report said a sharp rise in gasoline prices played a major role, with fuel sales jumping 15.5% as disruptions in the Strait of Hormuz tightened global oil supply. Retail sales jump…
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