Report: U.S. Retail Sales are Flat During April
U.S. retail sales barely rose in April, tempering hopes of a sharp acceleration in economic growth in the second quarter.
Reuters reported that the Commerce Department said today (May 13) retail sales edged up 0.1% last month, held back by declines in receipts at furniture, electronic and appliance stores, restaurants and bars and online retailers.
Retail sales, which account for a third of consumer spending, rose by a revised 1.5% in March. That was the largest increase since March 2010 and reflected pent-up demand after a brutally cold winter.
“You really had a spectacular March. You are now having an April hangover … The reality of the economy is decent but not great. Some people over-extrapolated the March numbers,” said Guy Berger, an economist at RBS in Stamford, Connecticut.
Economists had forecast sales advancing 0.4% last month after a previously reported 1.2% surge in March.
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