United States: Retail sales growth slows in April
Retail sales expanded 0.9% in month-on-month seasonally-adjusted terms in April, which followed March’s 1.4% increase. The downturn came on the back of a deterioration in food and beverages and general merchandise stores sales. However, motor vehicle and parts dealers sales bounced back. Lastly, non-store retail sales accelerated, while gasoline stations sales contracted.
On an annual basis, retail sales rose at a quicker rate of 8.2% in April (March: +7.3% yoy). Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 15.7% in April, down from March’s 18.8%.
Strong employment gains have boosted retail sales in recent months, although it should be noted that the retail figures are in nominal terms, and are thus being inflated by elevated price pressures.