Retail sales rose in March for the second-straight month

Spending at US retailers increased for the second consecutive month in March, demonstrating the strength of the US consumer supported by a robust job market. Retail sales rose 0.7%, surpassing economists’ projected 0.4% increase. Retail spending has been on the rise in seven out of the past ten months. Sales in various categories, including gas stations, online sales, and specialty stores, saw significant growth, while sales of electronics, clothes, and sporting goods declined. The report adds to evidence of a solid US economy, causing the Federal Reserve to maintain its wait-and-see approach. The strong economy suggests that the Fed will not be in a hurry to cut rates. Analysts have adjusted their estimates for the timing of the first rate cut, pushing it back further into the year. The US job market continues to remain strong, which contributes to consumer spending.