U.S. retail sales in February grew steadily, with oil prices becoming a hidden concern

MeNews · 2026-04-01T14:20:45+00:00

U.S. retail sales in February increased by 0.6% driven by a rebound in automobiles, exceeding expectations. However, future consumption may be subdued due to soaring gasoline prices caused by the Middle East conflict. Core retail sales grew by 0.5%, reflecting the impact of consumer spending on the economy.

MeNews

2026-04-01 14:20:45

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ME News update, April 1 (UTC+8). Data released by the U.S. Department of Commerce on Wednesday showed that February retail sales rose more than expected, supported by broad gains including a rebound in auto purchases. But the war in the Middle East has pushed gasoline prices sharply higher, which could restrain consumption over the coming months. After a slight decline in January, retail sales not adjusted for inflation increased 0.6% in February. The U.S.-Israel war with Iran has already driven a rise in global oil prices of more than 50%, and the nationwide average retail gasoline price has risen to above $4 per gallon, the first time in more than three years. Market concerns are that if gasoline prices continue to climb, they may offset part of the boost to consumer spending and the overall economy from the tax relief. Retail sales excluding autos, gasoline, building materials, and food services grew 0.5% in February, following a 0.2% increase in January. This so-called “core retail sales” is closest to the consumer spending component of GDP. Consumer spending slowed in the fourth quarter of last year, dragging the annualized GDP growth rate down to 0.7%; (Jin10) (Source: ODAILY)

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