March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised some analysts on April 15, 'The Hill' reports.
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The agency's latest estimates indicate that March retail sales increased by 0.7%.
They were only expected to rise 0.3% last month.
While sales exceeded estimates for March, the jump was still below the 0.9% increase in February.
Compared to the same time last year, total sales for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month.
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The consumer price index (CPI) increased 0.4% in March and 3.5% annually.
In February, consumer prices increased 3.2% year-over-year.
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Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
