The Commerce Department released a report on Tuesday showing retail sales in the U.S. surged by more than expected in the month of March.

The report said retail sales shot up by 1.7 percent in March after climbing by an upwardly revised 0.7 percent in February.

Economists had expected retail sales to jump by 1.4 percent compared to the 0.6 percent increase originally reported for the previous month.

Excluding sales by motor vehicle and parts dealers, retail sales surged by 1.9 percent in March after growing by 0.7 percent in February. Ex-auto sales were expected to leap by 1.3 percent.

At 10 am ET, the National Association of Realtor is due to release its report on pending home sales in the month of March. Pending home sales are expected to increase by 0.9 percent in March after jumping by 1.8 percent in February.

The Commerce Department is also scheduled to release its report on business inventories in the month of February. Business inventories are expected to rise by 0.2 percent in February after edging down by 0.1 percent in January.

At 2:30 pm ET, Federal Reserve Governor Christopher Waller is due to speak on “Modernizing Reserve Bank Operations” before the Brookings Institution.

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