US retail sales up in March

US retail sales rose by 1.7% on a monthly basis in March, exceeding expectations, above market forecast of 1.4%, The Department of Commerce stated on Tuesday.

According to the data, the value of retail sales amounted to $752.1 billion last month.

Retail sales also rose by 4% on an annual basis in March.

The highest increase in sales during this period was observed at gas stations, driven by rising oil prices due to the conflict in the Middle East.

Sales also increased at furniture and home goods stores, general merchandise stores, non-store retailers, electronics and appliance stores, stores selling building materials and garden equipment, food and beverage stores, stores selling motor vehicles and parts, health and personal care stores, and establishments providing food and beverage services.

In contrast, sales at stores selling sports equipment, hobbies, musical instruments, and books remained flat, while sales at various other retail stores declined.