United States: Retail sales bounce back in April
Retail sales expanded 0.4% in month-on-month seasonally-adjusted terms in April, which contrasted March’s 0.7% decrease. Moreover, core retail sales rose 0.7%, notably above market expectations. Higher sales of motor vehicles and parts, building materials and healthcare were partly offset by falling sales of gasoline stations, clothing and furniture, among other sectors.
The data points to solid consumer spending dynamics at the outset of Q2, notwithstanding tighter monetary policy.