Overview
- Retail sales, which the Census Bureau reported Monday, rose 1.7% in March after a revised 0.7% gain in February.
- Service-station receipts strengthened as EIA data showed retail gasoline prices jumped 24.1% in March after global oil rose more than 30% during the flare-up with Iran.
- Core retail sales, a proxy for consumer spending in GDP that strips out autos, gas, building materials and restaurants, rose 0.7%.
- Auto dealers booked higher sales, likely helped by manufacturer incentives, and larger IRS refunds also put extra cash in shoppers' pockets.
- High fuel costs are squeezing budgets, with Stanford researchers estimating an $857 jump in annual gasoline outlays and the Atlanta Fed tracking just 1.3% first-quarter growth as consumer sentiment hit a record low in April.