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Consumer spending on gas, energy goods jumped $81.3B in March, report says
Consumers spent about 20% more on gas and energy in March as prices reached four-year highs following geopolitical tensions, the BEA said.
- On Thursday, the national average price of regular gas hit $4.30 per gallon, a four-year high, while the Bureau of Economic Analysis reports consumers spent about $81.3 billion more on energy in March, a 20% increase.
- The ongoing Iran War has driven gas prices 44% higher since the initial U.S.-Israeli strikes on Feb. 28, with coastal states feeling impacts first before price hikes spread inland.
- Diesel fuel averaged $5.50 per gallon on Thursday according to AAA data, though prices remain below the $5 record-high national average set in June 2022 during the Russia-Ukraine war.
- About half the country faces pump prices exceeding $4 per gallon, while fewer than 50 counties nationwide maintain prices under $3, including a $0.11 increase in Manchester, New Hampshire.
- The Get the Facts Data Team monitors daily national average gas prices and crude oil figures as American households face sustained financial strain from elevated energy costs tied to the ongoing war.
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Koco News5+19 Reposted by 19 other sources
Consumer spending on gas, energy goods jumped $81.3B in March, report says
About half of the country is facing prices at the pump that top $4 per gallon for regular gas.
·Oklahoma City, United States
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Consumer Spending Increases, Retail Fundamentals Remain Intact
Inflation numbers are up. So are gas and food prices. And according to Marcus & Millichap’s “Retail Sales” brief, so is consumer spending. Core retail sales, excluding auto and gasoline purchases, increased by 0.6% in March, while year-over-year spending grew by 4.2%. However, consumers aren’t just throwing money around. “More households are purchasing necessity and household items in bulk to save money amid persistent inflation,” Marcus & Milli…
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Total News Sources21
Leaning Left0Leaning Right0Center19Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
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