U.S. retail sales increased more than expected in March amid a surge in receipts at online retailers, further evidence that the economy ended the first quarter on solid ground.
The report from the Commerce Department on Monday, April 15, bolstered expectations that the Federal Reserve could delay cutting interest rates until September.
The department’s report underscored how shoppers remain resilient despite inflationary pressures and other economic challenges.
Retail sales increased 0.7% for the month, considerably faster than the Dow Jones consensus forecast for a 0.3% rise although below the upwardly revised 0.9% in February. Read more.