US Retail Sales Disappoint
Retail sales in the US unexpectedly stalled in April of 2021, disappointing markets that expected a 1% increase. It follows an upwardly revised 10.7% surge in March when the first round of stimulus checks was sent to most households. Falls in sales at clothing stores (-5.1%), general merchandise stores (-4.9%), sporting goods, hobby, musical instruments and books (-3.6%), gasoline stations (-1.1%) and nonstore retailers (-0.6%), offset rises at motor vehicles and part dealers (2.9%), food services and drinking places (3%) and electronics (1.2%). The so-called core retail sales, which exclude automobiles, gasoline, building materials and food services and which correspond most closely with the consumer spending component of GDP, dropped 1.5%. Still, retail sales are likely to rebound in coming months amid record saving and as the economy continues to recover and state and local governments further ease restrictions on businesses.
44 hours ago