Retail spending increased 0.9% in April, , boosted by demand and inflation
Sales rose 0.9% in April, just below the 1% estimate, according to numbers that are not adjusted for inflation.
A woman pushes a shopping cart through the grocery aisle at Target in Annapolis, Maryland, on May 16, 2022, as Americans brace for summer sticker shock as inflation continues to grow.Consumers kept spending in April, with retail sales rising about in line with Wall Street expectations despite an ongoing surge in prices.
In addition to the solid showing in April, March's spending was revised substantially higher, from the original estimate of a 0.5% increase to a 1.4% gain. Ex-autos sales were revised sharply higher as well, to a gain of 2.1% in March against an original 1.1%.April's gains were powered by a 4% gain from miscellaneous retail and a 2.1% jump in online sales. Bars and restaurants also showed a solid 2% increase. All three categories posted larger gains than in March.
The increases came despite a 2.7% decrease at gasoline stations as energy prices declined during the month. Still, gasoline sales soared 36.9% from a year ago. Bar and restaurant sales rose 19.8% from a year ago, when the economy was still struggling with Covid-related restrictions. The sales data are largely consistent with an economy that continues to grow despite inflation pressures.and 0.6% excluding food and energy. On an annualized basis, the consumer price index rose 8.3% on headline and 6.2% on core in April.
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