Record surge in gasoline receipts boosts US retail sales in March

Record surge in gasoline receipts boosts US retail sales in March By Lucia Mutikani Tue, April 21, 2026 at 9:57 AM EDT 4 min read By Lucia Mutikani WASHINGTON, April 21 (Reuters) - U.S. retail sales increased more than expected in March as the war with Iran boosted gasoline prices and led to a record surge in receipts at service stations, while tax refunds underpinned spending elsewhere. Though higher prices partly accounted for the largest gain in sales in a year, ‌the report from the Commerce Department on Tuesday supported economists' expectations that economic growth picked up in the first quarter after nearly stalling in the final three ‌months of 2025. But the U.S.-Israel war with Iran is casting a shadow over the economic outlook. More from Yahoo Scout "The upshot is that households remain resilient for now, potentially leaning on tax refunds and broader savings to keep on spending in the ​face of the latest price squeeze," said James McCann, senior economist for investment strategy at Edward Jones. Retail sales jumped 1.7% last month, the largest rise since March 2025, after an upwardly revised 0.7% gain in February, the Commerce Department's Census Bureau said. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, would advance 1.4% after a previously reported 0.6% increase in February. Estimates ranged from as high as a 2.0% increase to as low as a 0.4% gain. Sales advanced 4.0% on a year…