US retail sales rose steadily in February, but oil prices remain a concern.

According to data released by the U.S. Commerce Department on Odaily, retail sales in February rose more than expected, driven by broad-based growth including a rebound in auto purchases. However, the Middle East war has caused gasoline prices to soar, which may dampen consumption in the coming months. Retail sales, unadjusted for inflation, rose 0.6% in February after a slight decline in January. The U.S.-Israel war against Iran has pushed global oil prices up by more than 50%, with the average retail price of gasoline across the U.S. exceeding $4 per gallon for the first time in more than three years. Markets are concerned that if gasoline prices continue to rise, it could offset some of the boost to consumer spending and the overall economy from tax cuts. Retail sales excluding automobiles, gasoline, building materials, and food services rose 0.5% in February, after rising 0.2% 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 GDP annualized growth down to 0.7%. (Jinshi)