Mar retail sales +0.6%, stronger than exp...>

US DATA: Mar retail sales +0.6%, stronger than analysts' exp +0.3% and 

whisper exp +0.2%. Ex-mtr veh +0.2%, above +0.1% exp. Feb sales unrev, 

Jan retail sales rev down slightly to -0.2%.

- Analysts have a tendency to overestimate ex-auto in Mar, so today's 

data break from that trend. 

- Much of upward surprise in retail sales came from motor vehicle 

sales, which surged 2.0%.

- Gas station sales -0.3%. Mar sales ex. mv and gas +0.3% and +0.4% ex 

auto, bldg materials, gas and food services. 

- Bldg materials, gas station, clothing, sporting good/hobby, department, 

and misc stores were down, but these drags were offset by gains in all 

other categories. 

- Total sales +0.8% in 1Q vs 4Q average at an annual rate and were +2.7% 

annualized ex motor vehicles and +1.0% ex autos, building materials, 

gas, and food services.