{"id":114284,"date":"2021-05-14T13:12:55","date_gmt":"2021-05-14T13:12:55","guid":{"rendered":"https:\/\/fin2me.com\/?p=114284"},"modified":"2021-05-14T13:12:55","modified_gmt":"2021-05-14T13:12:55","slug":"u-s-retail-sales-unchanged-in-april","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/u-s-retail-sales-unchanged-in-april\/","title":{"rendered":"U.S. retail sales unchanged in April"},"content":{"rendered":"
FILE PHOTO: Shoppers carry bags of purchased merchandise at the King of Prussia Mall, United States’ largest retail shopping space, in King of Prussia, Pennsylvania, U.S., December 8, 2018. REUTERS\/Mark Makela\/File Photo<\/figcaption>

WASHINGTON (Reuters) – U.S. retail sales unexpectedly stalled in April as the boost from stimulus checks faded, but an acceleration is likely in the coming months amid record savings and a reopening economy.<\/p>\n

The Commerce Department said on Friday the unchanged reading in retail sales last month followed a 10.7% surge in March, an upward revision from the previously reported 9.7% increase.<\/p>\n

Economists polled by Reuters had forecast retail sales would rise 1.0%.<\/p>\n

Many qualified households received additional $1,400 checks in March, which were part of the White House\u2019s $1.9 trillion COVID-19 pandemic rescue package approved early that month.<\/p>\n

Retail sales account for the goods component of consumer spending, with services such as healthcare, education, travel and hotel accommodation making up the other portion. Households have accumulated at least $2.3 trillion in excess savings during the pandemic, which should underpin spending this year.<\/p>\n

Coming on the heels of news this month that hiring slowed in April amid a shortage of workers, the weak sales could cause anxiety about the economic recovery. Though more than a third of Americans have been fully vaccinated against COVID-19, fears about the virus linger and schools have not fully reopened for in-person learning, keeping many workers at home.<\/p>\n

Excluding automobiles, gasoline, building materials and food services, retail sales dropped 1.5% last month after an upwardly revised 7.6% increase in March. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. They were previously estimated to have shot up 6.9% in March.<\/p>\n

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, expanded at a 10.7% annualized rate in the first quarter, adding 7.02 percentage points to the economy\u2019s 6.4% annualized growth pace.<\/p>\n

Much of the surge in consumer spending last quarter occurred in March, which set a higher growth base for consumption heading into the second quarter.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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