Retail sales flat in April, falling short of Wall Street's expectations
05/15/2024 19:48
April's update on retail sales comes as economists are closely watching for any signs of weakening consumer demand amid sticky inflation and higher interest rates.
The US consumer showed signs of slowing in April.
Retail sales were flat in the month, according to data from the Commerce Department, furthering concerns about the state of the consumer amid sticky inflation and higher interest rates.
This marked a slowdown from the 0.6% month-over-month increase seen in March. Economists had expected a 0.4% increase in spending, according to Bloomberg data.
Excluding autos and gas, retail sales declined by 0.1% last month; expectations had been for a 0.1% increase.
Nonstore retailers led the declines, falling 1.2% from the month prior. Sporting goods and hobby stores also declined 0.9%. Meanwhile, sales at clothing and accessories stores rose 1.6% in the month, while gasoline sales picked up 3.1%.
The update on consumer spending comes as economists are closely watching for any signs of weakness in the consumer amid the Fed's pivot to keep interest rates high for longer than expected.
This is a breaking news post and will be updated with further context.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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