US retail sales jump past forecasts in March

Americans continued spending at a brisk pace last month, albeit largely due to the impact of higher gasoline prices.

In seasonally adjusted terms, US retail sales volumes increased at a 0.5% month-on-month pace to reach $665.73bn (consensus: 0.6%).

Nevertheless, that was on top of an upwards revision to February data which now showed a 0.8% gain, versus a preliminary estimate of 0.3%.

March sales excluding automobiles and parts, which fell by 1.9% on the month, were especially strong, jumping by 1.1%.

Gasoline stations sales surged by 8.9% versus February, while those at general merchandise stores were up by 5.4% and those at restaurants by 1.0%.