Retail Sales Rebounding as Consumers More Confident
WASHINGTON -- Strengthening employment data, rising housing prices and a record-breaking stock market provided consumers the confidence they needed to shop in April. Retail sales (excluding automobiles, gas stations and restaurants) rose 0.6% seasonally adjusted from last month and increased 3.9% unadjusted year-over-year.
“In the face of higher taxes and sequester, consumers provided the economy a bit of a reprieve this month,” said Matthew Shay, president and CEO of the National Retail Federation. “Despite colder spring weather and an early Easter, consumers shopped in April, demonstrating an inherent resiliency even as the economy faces serious headwinds, including stagnant job and wage growth.”
April retail statistics showed total retail and food services sales (which include nongeneral merchandise categories such as automobiles, gasoline stations and restaurants) rose 0.1% seasonally adjusted month-to-month and 3.7% adjusted year-over-year. “Retail sales data is encouraging news,” noted Jack Kleinhenz, chief economist of the federation. “However positive, retail sales and consumer spending in April may not necessarily translate into a stronger or healthier second quarter. [The federation] continues to forecast moderate sales growth for the year.”
Other findings from the April retail sales report:
- Sales of building materials, garden equipment and supplies at dealers stores increased 1.5% seasonally-adjusted increased 7.7% unadjusted year-over-year.
- Clothing and clothing accessories store sales rose 1.2% seasonally-adjusted month-to-month and 3.5% unadjusted year-over-year.
- Sales at electronics and appliance stores increased 0.8% seasonally-adjusted month-to-month and 1.2% unadjusted year-over-year.
- Furniture and home furnishing store sales were flat seasonally-adjusted month-to-month and 6.4% unadjusted year-over-year.
- General merchandise store sales rose 1% seasonally-adjusted month-to-month and fell 2.7 % unadjusted year-over-year.
- Health and personal care store sales fell 0.1% seasonally-adjusted month-to-month and were flat unadjusted year-over-year.
- Online retailers saw their sales sales increase 1.4% seasonally-adjusted month-to-month and 19% unadjusted year-over-year.
- Sales at sporting goods, hobby, book and music stores rose 0.5% seasonally-adjusted month-to-month and 4.5% unadjusted year-over-year.
The National Retail Federation is the world’s largest retail trade association.
Published by The Business Journal, Youngstown, Ohio.
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