Retail sales rise for seventh consecutive month in April
Retail sales rose for the seventh consecutive month in April against a backdrop of growing gas prices and stubborn inflation.
Figures, released by the CNBC/NRF Retail Monitor, show that total retail sales, excluding automobile dealers and gasoline stations, were up 0.34% seasonally adjusted month over month and up 5.73% unadjusted year over year in April.
That compared with increases of 0.4% month over month and 6.59% year over year in March.
Commenting on the date, Matthew Shay, NRF President and CEO, explained: “Retail sales continued to grow in April despite higher gas prices driven by the ongoing conflict in Iran, cautious consumer sentiment and the persistent concerns about sustained inflation.”
Adding: “Spending on household priorities remains solid, supported by a steady labor market, wage growth and a significant influx of cash from tax refunds. While consumers are mindful on costs, retailers are working hard to keep everyday goods affordable for American families.”
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to auto dealers and gas stations) was also up 0.34% month over month in April and was up 5.53% year over year.
That compared with increases of 0.41% month over month and 7.05% year over year in March.
Total sales were up 6.07% year over year during the first four months of the year, and core sales were up 5.99%.
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
April sales were up in all but one of nine categories on a yearly basis, led by clothing stores, sporting goods stores and health and personal care stores, and, and were also up in all but one category on a monthly basis.
News yesterday from Watches of Switzerland Group reflects the results as the US became the number one market for the business.
Read more on that story HERE:
