Americans increased their spending pace in March, according to the Associated Press, underscoring that shoppers remain resilient despite inflationary pressures and other economic challenges.
Retail sales rose 0.7% last month after being up a revised 0.9% in February, according to the Commerce Department’s report today. Sales fell a revised 1.1% in January, dragged down in part by inclement weather. Excluding gas prices, which have been rising, retail sales were still up a solid 0.6%.
Sales at general merchandise stores rose 1.1%, while online sales rose 2.7%. Business at restaurants rose 0.4%. Electronics and appliance stores posted a decline, hurt by a still-challenged home market.
