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Total U.S. retail sales rose by 0.8% last month, exceeding economists’ forecasts, but down slightly from February’s 1% gain.
The continued rise defied expectations of a slowdown in spending caused by higher gasoline prices… although some economists note that lower home-heating bills due to unseasonably warm temperatures offset those higher costs.
As a result of sustained strength in consumer spending, economists are fine-tuning expectations, as the data suggests the economy may not have slowed as much as feared in the opening months of the year.