"March Retail Sales Surge 0.7% Despite Rising Prices and Strong Job Market"

Retail sales in March surged 0.7%, exceeding expectations, as Americans continue to spend despite inflation and economic challenges. Excluding gas prices, retail sales rose 0.6%. The strong sales were attributed to a robust job market and rising wages, with general merchandise and online sales seeing increases while department stores, furniture, and electronics stores experienced declines. Despite inflationary pressures, the Federal Reserve is unlikely to cut interest rates soon, as core prices rose 0.4% from February to March and 3.8% year-over-year. Economists anticipate consumer spending to moderate due to less optimism about economic prospects and high living costs.