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US retail sales grow at faster pace than forecast in April

by ChemOrbis Editorial Team - content@chemorbis.com
  • 16/05/2016 (12:14)
According to data released by the US Commerce Department, US retail sales exceeded expectations in April, increasing by 1.3% compared with economists’ estimates, which called for a gain of 0.8% for the month. Retail sales rose 1.3% in April to a seasonally adjusted $453.44 billion, posting the best monthly increase since March 2015. On a yearly basis, retail sales rose 3%.

The increase was attributed to surging sales in the autos, gasoline stations and non-store retailing segments. Retail sales data for March was revised to show a 0.3% decline while sales for the full year were revised down to a 0.4% decline from an initially reported 0.3% drop. Retail sales rose 0.3% in February and fell 0.5% in January.

Retail sales had started 2016 on a slow note in line with a slowdown in consumer spending. However, purchases from non-store retailers, a category that includes online stores, increased 2.1% in April while rising 10.2% from a year earlier, the best annual increase among all segments tracked by the government. Meanwhile, spending at restaurants and bars rose 0.3%. Clothing stores sales rose 1% in April while department store spending rose 0.3%.
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