US retail sales grow at fastest pace in a year

US retail sales rose at their fastest monthly pace in a year, signaling continued strength in consumer spending, according to data from the US Census Bureau today April 21.

This exceeded expectations of a 1.5% increase in March, while February’s figure was revised up to 0.7% from a previously estimated 0.6%.

The data reflects continued strength in U.S. consumer spending; however, part of the increase is driven by higher gas station revenues due to rising oil prices amid the Middle East conflict.