US retail sales posted an unexpectedly strong performance in March despite economic uncertainty stemming from the US-Iran war.
The US Department of Commerce said Monday that retail sales in March reached $752.1 billion, up 1.7% from the previous month.
The increase outpaced the 1.5% gain forecast by analysts polled by Dow Jones.
While gasoline station sales rose on higher fuel prices driven by the war, sales also performed strongly across most other categories, including furniture and electronics. The robust March retail sales suggest that US consumption continued its strong upward trend even after the US-Iran war broke out on February 28.
In February, US retail sales also showed resilience, rising 0.7% from the previous month according to revised figures.
Wall Street views early-year income tax refunds as having helped boost spending, particularly among lower-income households. The monthly retail sales indicator is a preliminary statistic that primarily tracks goods sales within overall consumption and is regarded as a key gauge of changes in consumer spending, the backbone of the US economy.
