U.S. retail sales unexpectedly fell in April as households cut back on purchases...
WASHINGTON - U.S. retail sales unexpectedly fell in April as households cut back on purchases of motor vehicles and a range of other goods, pointing to a slowdown in economic growth after a temporary boost from exports and inventories in the first quarter.
President Donald Trump’s escalating trade war with China, which triggered a steep U.S. stock market sell-off, is seen hurting business confidence and undercutting spending on equipment. Following the weak reports on Wednesday, some economists cut their second-quarter growth estimates. Economists polled by Reuters had forecast retail sales gaining 0.2% in April. Retail sales in April increased 3.1% from a year ago.
These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. They were previously reported to have soared 1.0% in March.Consumer spending accounts for more than two-thirds of economic activity. While March’s strong core retail sales set consumer spending on an upward trajectory in the second quarter, last month’s weakness suggested the pickup in consumption could be moderate.
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