Retail sales fall below expectations
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Associated Press
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Sales fell 0.3% month-over-month, with 0.1% expected.
The print for February was revised up to 0% from -0.1%.
Excluding auto costs, retail sales rose 0.2% month-on-month, and they rose 0.1% excluding autos and gas.
The average increase in gas prices during March was at the second fastest pace in 12 years, according to John Herrmann at Mitsubishi UFJ Securities.
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Sales at gas stations fell 15.6% from last year, but were up 0.9% month-on-month.
Auto sales rose less than expected in March, and this was expected to be a drag on the headline sales gain.
The portion of retail sales that goes into GDP rose 0.1% (0.4% expected.)
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