Retail sales continued an upward climb in April, showing much more consumer confidence compared to this time last year.
The Commerce Department says April retail sales rose 0.4 percent last month...better than the 0.2 percent increase economists had expected but far below the 2.1 percent surge in March. This overall gain marks the seventh straight monthly increase.
According to the National Retail Federation, April retail industry sales (which exclude automobiles, gas stations, and restaurants) increased 0.5 percent seasonally adjusted over March and 4.6 percent unadjusted year-over-year. With a constantly-shifting Easter holiday, retailers typically look at March and April sales combined to gauge consumer spending. Sales for the two months increased 5.6 percent unadjusted over last year.
“The slow road to recovery is turning into a sprint as retailers experienced a nice bounce in April,” said President and CEO Matt Shay. “But maintaining this sales momentum will be challenging. Until our economy begins to create jobs and reduce unemployment, the breadth and sustainability of this recovery remains uncertain.”
“Spring shopping and seasonal weather helped boost sales last month,” said Rosalind Wells, Chief Economist for NRF. “Spending on discretionary items had fallen by the wayside these last few years and we are encouraged to see consumers dipping into that pot once again.”
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