U.S. retail sales surged in March at the fastest pace since late 2017, as spending on autos, gasoline, furniture, and clothing jumped.
The Commerce Department said that sales increased a seasonally adjusted 1.6% from February, the strongest increase since September 2017. The gains mark a sharp rebound from a lackluster period of sales dating back to December. It's a sign that the healthy job market has likely made consumers more eager to spend in ways that boost overall economic growth.
Sales at gas stations climbed 3.5% in March, while spending at auto dealers jumped 3.1%. Clothiers reported a 2% gain and furniture stores enjoyed a 1.7% bump.During the past year, retail spending has grown 3.6%.
Stop with the good news! When is your next Krugman-Stockman/Recession tweet?
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