Retail sales rose by 1.7% in March after a 0.7% gain in the previous month, lifted by 15.5% jump in gasoline station sales but also supported by widespread gains in the other retail sales categories.
Retail sales rose by 1.9% excluding a 0.5% gain in motor vehicle sales and was still up 0.6% excluding both the motor vehicle and gasoline categories, with gains in furniture and building materials and at grocery stores, department stores and food services places.
Control group sales, which exclude motor vehicles, gasoline, building materials and food services, rose by 0.8% after a 0.6% gain.
The Philadelphia Federal Reserve's services reading rose to minus 16.5 in April from minus 23.9 in March, suggesting a slower pace of contraction.
Redbook reported that US same-store retail sales were up 6.7% year-over-year in the week ended April 18, slower than a 7% gain in the prior week. Sales of spring merchandise picked up to add to sales of consumer staples.
The National Association of Realtors' pending home sales index rose by 1.5% in March despite higher mortgage rates but were down 1.1% from a year earlier. NAR said that increased inventories are needed to meet rising demand.
The NAR's existing-home sales data for April are scheduled for release on May 11.
Business inventories rose by 0.4% in February after a flat reading in the previous month, while business sales rose by 1.7% following a 0.6% gain.
The Q1 GDPnow estimate from the Atlanta Fed is for a 1.2% gain, revised down from a 1.3% gain in the previous estimate. The next update is scheduled for April 29.