Retail Sales

Shoppers accelerated their spending in March from February, but they spent a good chunk of their money at the gas pump. A spike in gas prices due to the Iran war, now in its eighth week, resulted in a hefty 1.7% gain in March after a revised 0.7% increase in February, according to the Commerce Department’s report on Tuesday. The report marks the first read on spending to capture the effects of the Iran war. Excluding gas prices, the growth was a 0.6%, helped in part by government tax refunds and warm weather.