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Retail Sales Surge, Despite Oil, Tariff Hurdles
Description
March retail sales surged by 1.7%, the highest since January 2023, despite a 1.7% increase in consumer prices. Gas prices soared to $3.94 per gallon, up from $2.96 last year, due to the U.S.-Israel war against Iran and tariff effects. However, when gas is excluded, spending only rose by 0.6%. Bigger tax refunds boosted consumer spending, but many opted for small treats over big purchases due to tariff-inflated electronics prices. Mothers Day spending is expected to reach a record $38 billion, up from last years $35.7 billion. Despite a cooling job market, consumers continue to spend, but the future remains uncertain amid oil tensions.
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