Retail sales up 0.4% in April, buoyed by solid job market and declining prices in some areas
by ANNE D'INNOCENZIO, Associated Press - 05/16/23 10:36 AM ET
NEW YORK (AP) — Americans picked up their spending modestly in April, spending money online and dining out, buoyed by a solid job market and a retreat in prices for some things.
Car sales also rose despite prices that continue to soar, according to the Commerce Department report issued Tuesday. But consumers are facing plenty of challenges heading into the second half of the year from tightening credit to a weaker job market.
Retail sales increased 0.4% in April compared with March, when sales decreased 0.7%. That is the first retail sales increase since January, when unusually warm weather and a big jump in Social Security benefits juiced spending.
Retail sales data from the U.S. are not adjusted for inflation unlike many other government reports, so the headline increase only matched the monthly rise of 0.4% in the government’s consumer price index for April. That indicates that shoppers are struggling to keep up with inflation.
Sales at car and auto parts dealers rose 0.4%. Business at gas stations fell 0.8% despite an uptick in prices at the pump, suggesting Americans cut back on holiday and spring break travel.
Excluding car dealers and gas stations, retail sales rose 0.6%.
Spending increased 1.2% at online retailers and ticked up 0.6% at restaurants and bars. However, department stores, electronic stores, sporting goods and hobby stores, as well as home furnishings stores all saw declines.
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https://thehill.com/business/retail-sales-up-0-4-in-april-from-march-buoyed-by-solid-job-market-easing-inflationary-pressures/
