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Retail Sales Miss Expectations

Retail Sales Miss Expectations in April

Posted on May 20, 2024
Writer: James Miller

Retail sales in the United States showed no change from March to April, defying economists’ expectations for growth. According to data released by the Commerce Department, this stagnation reflects the continued impact of inflation and high interest rates on consumer spending.

April’s flat sales shifted from the 0.6% increase observed in March to a rise of 0.9% in February, with a notable 1.1% drop in January influenced by poor weather. Excluding fluctuating gas and auto sales costs, retail figures dipped by 0.1%. 

In comparison, sales in electronics rose by 1.5%, and clothing and accessories saw a 1.6% increase. However, home furnishings stores experienced a 0.5% decrease in sales.

In related news, the U.S. Department of Labor released a report on consumer inflation, which showed a slight cooling in April. This suggests potential relief from inflationary pressures, offering a tentative positive sign for the Federal Reserve’s economic strategy.

For more detailed insights and further statistics, read the full article on AP News.

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