WASHINGTON - Retail sales jumped 1.6% in March, beating analysts’ expectations in large part due to a 6.7% rise in motor vehicle and parts sales, the Commerce Department reported today.
Excluding autos, retail sales increased 0.6%, also well above economists’ estimates.
Economists polled by Thomson Reuters had expected retail sales to rise 1.2% for the month and for sales excluding autos to increase 0.5%, according to the median estimate from Thomson Reuters.
March’s 1.6% headline retail sales figure followed a 0.5% increase in February, upwardly revised from an originally reported 0.3% gain. February’s 1.0% ex-autos figure also was upwardly revised from the 0.8% increase Commerce originally reported.
In addition to the sharp rise in auto sales, furniture stores reported a 1.5% rise in sales, building material and garden supplies dealers showed a 3.1% sales increase, and clothing stores saw a 2.3% rise in sales, Commerce said.
Electronics and appliance stores reported a 1.3% drop in sales, while gasoline station sales fell 0.4%.
