NEW YORK (AP) — Americans boosted spending at a hotter-than-expected pace in March, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges.
Retail sales rose 0.7% last month — almost double what economists had forecast — after rising 0.9% in February, according to Commerce Department data released Monday. The February figure was revised upward. That comes after sales fell 1.1% in January, dragged down in part by inclement weather. Excluding gas prices, which have been on the rise, retail sales still rose a solid at 0.6%.
The national average gas price Monday was $3.63 per gallon, per AAA, up 6 cents from a week ago, and up 19 cents from last month, but they’re still 3 cents below where they were at this point last year.
The snapshot offers only a partial look at consumer spending and doesn’t include many services, including travel and hotel lodges. But the lone services category - restaurants - registered an uptick of 0.4%.
Related articles:
Related suggestion:
Chinese tourist tower overlooking North Korea could be demolished — Radio Free AsiaTikTok users losing access to Taylor Swift, Billie Eilish songsNine apologises for using digitally altered image of Animal Justice Party MP Georgie PurcellTrump seeks Supreme Court pause in 2020 election caseGreek vessel hit by missile in Red Sea attackMotorcyclist seriously injured after crash in AucklandUK economy fell into recession as people cut spendingYear in Politics: The year of three prime ministers and a swing to the rightWatch: Auckland paddleboarder 'buzzing' over interaction with orca whalesFive rescued after yacht runs aground on Banks Peninsula
2.891s , 6500.9765625 kb
Copyright © 2024 Powered by Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful ,International Ideals news portal