ISTANBUL: US retail sales rose 0.7% to $709.6 billion in March, according to advance figures released Monday by the Commerce Department.
The market estimate for the figure was to show an increase of 0.4%, while the February figure was revised to $704.5 billion for a gain of 0.9%.
On an annual basis, retail sales were up 4% in March, compared to the same month of last year.
“Total sales for the January 2024 through March 2024 period were up 2.1 percent from the same period a year ago,” the Commerce Department said in a statement.
The increase in figures indicate that consumer demand still remains high in the world’s largest economy, and the Federal Reserve’s first interest rate cut could be delayed this year.
Source: Anadolu Agency