US retail sales rose 1.7% mom to USD 752.1B in March, beating expectations of 1.3% mom and pointing to stronger-than-anticipated consumer demand. Ex-auto sales climbed 1.9% mom to USD 612.4B, also above forecasts of 1.3% mom.
However, the composition shows a more nuanced picture. Sales excluding both autos and gasoline rose just 0.6% mom, indicating that core consumption growth was more moderate. Excluding gasoline alone, sales also increased 0.6% mom, suggesting that part of the headline strength may be linked to higher fuel prices rather than a broad-based acceleration in demand.
On a broader basis, retail sales for the January to March period rose 3.7% from a year ago, with non-store retailers leading gains at 10.1% yoy, highlighting continued strength in online spending.
| Data | Latest |
|---|---|
| Retail Sales | +1.7% |
| Ex-Auto Sales | +1.9% |
| Ex-Gasoline Sales | +0.6% |
| Ex-Auto & Gasoline | +0.6% |
