US retail sales up 1.4% in March, largest gain since January 2023

Retail sales in US see better-than-expected rise in March, while industrial production falls more than estimates

By Mucahithan Avcioglu

ISTANBUL (AA) - US retail sales rose 1.4% month-on-month in March, their largest rise since January 2023, according to US Census Bureau data released Wednesday.

The market had expected the figure to rise by 1.3% on a monthly basis in March, also accelerating from a 0.2% rise in February.

The increase in sales was mostly driven by a 5.3% increase in motor vehicle and parts sales.

Retail sales also increased in material and garden equipment (3.3%); sporting goods, hobby, musical instrument, and bookstores (2.4%); and food service and drinking places (1.8%).

On the other hand, retail sales saw declines of 2.5% at gasoline stations and 0.7% at furniture stores.

On an annual basis, retail sales rose 4.6% in March.

The gains indicate that consumer demand remains high in the world's largest economy.

Meanwhile, industrial production in the US dropped 0.3% from the prior month in March, exceeding market expectations of a 0.2% fall.

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