U.S. Retail Sales Were Strong in February

In February, U.S. retail sales increased the most they had in seven months as motor vehicle purchases rebounded and temperatures warmed up. However, surging gasoline prices, because of the U.S.-Israeli war in the Middle were expected to crimp spending in the months ahead.

The Commerce Department's delayed report on Wednesday suggested that the economy was on solid footing before the U.S.-Israeli war with Iran. The conflict, which started at the end of February, has sent global oil prices surging more than 50 percent, and the national average retail gasoline price this ‌week topped $4 a gallon for the first time in more than three years.

A prolonged war and further increases in gasoline prices could offset some of the anticipated boost to consumer spending and the overall economy from tax cuts, economists warned. They expected the conflict to weigh on growth in the second quarter.

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