Gas-price surge powers March US retail sales to over-three-year high

US retail sales rose 1.7% in March, the fastest monthly pace since January 2023, driven by a record spike in gas prices that boosted gasoline-station spending by 15.5% month over month. Excluding gas, retail sales were up 0.6%, with gains across categories like furniture and home furnishings (up 2.2%) and electronics/building materials, while apparel was flat and restaurants rose just 0.1%. Economists had expected about a 1.6% increase. The gas-price spike came amid geopolitical tensions in the Middle East, including the war with Iran and the closure of the Strait of Hormuz, though tax refunds helped households weather the oil shock.