US retail sales rise unexpectedly

US retail sales unexpectedly rose 0

US retail sales unexpectedly rose 0.2 per cent in March, pushed up by a jump in gasoline sales, a government report released on Monday showed.

Sales at gasoline stations rose 1.1 per cent, the Commerce Department said. Excluding gasoline sales, retail sales were flat last month.

Gasoline prices hit records in March and have continued to rise since then, according to government data.

Analysts polled by Reuters were expecting retail sales to be unchanged from the previous month.

US stock index futures moderated losses, US Treasury debt prices reversed earlier gains, and the dollar rebounded from declines on the report, which was viewed as showing some consumer resilience despite an economy that appears to be contracting.

"I can't say the worst is over for the environment we're in, but it gives you a little bit of hope," said Steve Goldman, a market strategist for Weeden & Co in Greenwich, Connecticut.

Food and beverage store sales rose 0.4 per cent, reflecting price rises for commodities.

Excluding automobiles, retail sales rose 0.1 per cent, in line with expectations.

The slumping housing market helped pull down sales at many retailers. Building materials and supplies sales slid 1.6 per cent, while furniture and appliance store sales were also down.

Clothing store and general merchandise stores also saw declines in sales.