US retail sales grow at faster pace than forecast in April
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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