US retail sales grow by more than twice as much as expected in March

15th Apr 2024 14:26

(Sharecast News) - Retail sales in the U.S. grew more than twice as quickly as expected last month amid big increases at non-store retailers and for gasoline.

According to the Department of Commerce, in seasonally adjusted terms, retail sales volumes jumped at a month-on-month pace of 0.7% in March to reach $709.6bn.

Economists had penciled-in a rise of 0.3%.

The prior month's increases was also revised higher, by three tenths of a percentage point to 0.9%.

Sales were even stronger when those of automobiles and parts, as well as at gasoline stations were excluded, growing by 1.0%.

Non-store retailers saw especially strong demand, with sales up by 2.7% versus February, while those at gasoline stations rose by 2.1%.

Automobiles and parts dealers on the other hand saw sales drop by 0.7% and those of clothing and sporting goods experienced declines of 1.6% and 1.8%, respectively.

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