U.S. retail sales rose 1.7% in March, according to the Census Bureau. This figure exceeded the 1.4% consensus estimate. The Bureau upwardly revised February growth to 0.7%.
Data showed broad-based strength across most categories despite higher energy prices. Electronics and appliance stores reported a 0.9% monthly gain. This category grew 5.2% on a year-over-year basis.
Analysts attribute the resilience to larger tax refunds and high-income household spending. The data provides a positive signal for the consumer discretionary sector and the XLY ETF.