.
Retail Sales Surge in March, Surpassing Wall Street Expectations
As economists debate whether the U.S. economy can remain resilient in a high interest rate environment, the March retail sales report provided a glimpse into the health of consumers.
Retail sales in March exceeded Wall Street analysts' expectations as consumers continued to spend despite the higher interest rate environment.
Census data show that retail sales in March rose 0.7% from a year earlier.Bloomberg data show that economists had previously forecast a 0.4% increase in spending.This is the second consecutive month that retail sales have risen, suggesting that January's unexpected decline of 1.1% was more of an anomaly than a trend.
Excluding automobiles and gasoline, sales increased 11 TP3T in March, above the consensus estimate of a 0.31 TP3T increase.
The latest update on consumer spending suggests that the economy remains fundamentally solid in early 2024. The consensus forecast for economic growth in the first quarter has improved, while continued job creation in the labor market has exceeded previous expectations.
Recent inflation data suggests that price inflation is not easing as quickly as first hoped, and that the strong momentum in the economy is following suit. With inflation higher than expected and the economy still growing, economists believe the Fed can wait longer to cut interest rates without sending the economy into recession.
Josh Schafer is a reporter for Yahoo Finance. Please.In X @_joshschaferConcerned about him. The
Click here to view the latest stock market news and in-depth analysis, including events affecting the stock market.
Read the latest financial news from Yahoo!
English 
Chinese