U.S. Retail Sales Up Sharply In March

Retail sales in the U.S. saw a sharp increase in the month of March, according to a report released by the Commerce Department on Wednesday.

The Commerce Department said retail sales shot up by 1.4 percent in March after inching up by 0.2 percent in February. Economists had expected retail sales to jump by 1.3 percent.

The surge by retail sales partly reflected a significant rebound by sales by motor vehicles and parts dealers, which soared by 5.3 percent in March after tumbling by 1.6 percent in February.

Excluding the sharp increase in auto sales, retail sales rose by 0.5 percent in March after climbing by 0.7 percent in February. Ex-auto sales were expected to rise by 0.3 percent.

At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of March. Industrial production is expected to dip by 0.2 percent in March after climbing by 0.7 percent in February.

The National Association of Home Builders is due to release its report on homebuilder confidence in the month of April at 10 am ET. The housing market index is expected to fall to 37 in April after slumping to 39 in March.

Also at 10 am ET, the Commerce Department is scheduled to release its report on business inventories in the month of February. Business inventories are expected to increase by 0.2 percent in February after rising by 0.3 percent in January.

The Energy Information Administration is due to release its report on oil inventories in the week ended April 11th at 10:30 am ET. Crude oil inventories are expected to decrease by 1.7 million barrels after climbing by 2.6 million barrels in the previous week.

At 12 pm ET, Cleveland Federal Reserve President Beth Hammack is scheduled to speak on “Fed 101” and participate in a moderated question-and-answer session before the “Columbus Metropolitan Club Weekly Forum: Insights from Cleveland Fed President Beth Hammack” event.

Federal Reserve Chair Jerome Powell is due to speak on the economic outlook before the Economic Club of Chicago at 1:30 pm ET.

At 7 pm ET, Kansas City Federal Reserve President Jeffrey Schmid is scheduled on the economy and community banking with Federal Reserve Bank of Dallas President Lorie Logan before a Global Perspectives event.