Retail sales topped Wall Street estimates in March
Retail sales topped Wall Street analysts’ expectations in March as consumers continued to spend despite a higher interest rate environment.
Retail sales for the month increased 0.7% from the previous month, according to Census Bureau data. Economists had expected a 0.4% increase in spending, according to Bloomberg data. Meanwhile retail sales in February were revised up to an increase of 0.9%, from a prior reading of 0.6%.
This is the second consecutive monthly uptick in retail sales, suggesting January’s surprise 1.1% decline was more an aberration than a trend.
March sales, excluding auto and gas, increased by 1%, above consensus