United States: Retail sales rebound in April
May 13, 2013
In April, retail sales rose 0.1% over the previous month in nominal terms. The reading contrasted both the revised 0.5% drop recorded in March (previously reported: -0.4% month-on-month) and market expectations of a 0.3% contraction. 10 out of the 13 categories that compose the index rose over the previous month in April, with sales at clothing and building material stores experiencing the largest gains.
Retail sales excluding autos and gas - a closely watched subcategory within the retail trade index - rose 0.6% over the previous month. The reading came in above both the revised flat reading in March (previously reported: +0.1%) and market expectations of a 0.4% increase.
In annual terms, retail sales rose 3.7% in April, which is above the revised 3.0% increase recorded in March (previously reported: +2.8% year-on-year). Despite the improvement, the trend continues to point downwards, with annual average growth in retail sales falling to 4.2% from 4.4% in March.
FocusEconomics Consensus Forecast panellists expect private consumption to grow 1.9% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, the panel sees private consumption increasing 2.7%.