Retail sales in US see modest increase in April: CNBC/NRF Monitor

The report highlighted that clothing and accessories stores experienced growth, with sales up 0.46 per cent month over month, seasonally adjusted, and a 2.08 per cent increase year over year, unadjusted. Online and other non-store sales also rose by 1.18 per cent month over month, seasonally adjusted, and saw a significant increase of 13.88 per cent compared to the same period last year, unadjusted.

Total retail sales, excluding automobiles and gasoline, grew only slightly by 0.26 per cent seasonally adjusted month over month, and dipped by 0.6 per cent unadjusted year over year in April. This contrasts with March's figures, which showed increases of 0.36 per cent month over month and 2.72 per cent year over year.

Core retail sales, which exclude not only automobiles and gasoline but also restaurants, were up by 0.4 per cent month over month in April, yet remained nearly unchanged from the previous year, showing a slight decrease of 0.05 per cent. This is a notable difference from the increases of 0.23 per cent month over month and 2.92 per cent year over year observed in March.

Analysts point out that the year-over-year decline is an anomaly, largely due to Easter falling in April last year but in March this year. Additionally, April this year had two fewer weekend days. Despite these challenges, total sales for the first four months of the year were up by 1.82 per cent year over year, and core sales increased by 2.31 per cent, as per the report.

“Consumer spending continues to drive economic growth and retail sales increases, though we see some moderation in spending as consumers continually search for value,” NRF president and CEO Matthew Shay said. “The ability to spend is supported by a growing job market and real gains in wages. Overall inflation remains stubborn because of elevated prices for services, while inflation for goods has dropped to nearly zero. Consumers remain focused on value and price and are shifting their spending patterns where needed to make ends meet.”

Fibre2Fashion News Desk (KD)