US retail sales steady in April 2024: Census Bureau

April’s core retail sales—which exclude automobile dealers, gasoline stations, and restaurants—fell by 0.2 per cent seasonally adjusted from March but rose by 3.9 per cent unadjusted YoY, according to the National Retail Federation (NRF) NRF.

For the first four months of 2024, core retail sales increased by 3.8 per cent YoY, aligning with the NRF’s forecast that retail sales for the year would grow between 2.5 per cent and 3.5 per cent compared to 2023.

“Even though household income and job growth are compressing, the consumer spending picture remains positive,” said NRF chief economist Kleinhenz. “The softer pace of spending is due in part to consumers being selective and prioritizing retail purchases. Yet, consumers remain willing to spend, keeping the economy afloat despite fatigue from stubbornly high inflation for services and higher interest rates.”

In a related report, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, revealed that core April retail sales experienced a 0.4 per cent seasonally adjusted increase from March and were almost unchanged YoY, declining by just 0.05 per cent. This followed March’s figures, which reported a 0.23 per cent MoM rise and a 2.92 per cent YoY increase.

Fibre2Fashion News Desk (DP)