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US retail sales steady in April 2024: Census Bureau

16 May '24
2 min read
US retail sales steady in April 2024: Census Bureau
Pic: Adobe Stock

Insights

  • Retail sales in the US remained steady in April 2024, with overall sales unchanged from March but up 3 per cent YoY, as per the US Census Bureau.
  • The country's core retail sales fell by 0.2 per cent from March 2024 but rose by 3.9 per cent YoY, as per the NRF.
  • For the first four months of 2024, core retail sales increased by 3.8 per cent YoY.
Retail sales in the US remained steady in April, according to the data released by the US Census Bureau. The bureau reported that overall retail sales in April were unchanged from March on a seasonally adjusted basis and showed a 3 per cent increase unadjusted year-over-year (YoY). This contrasts with March's figures, which saw a 0.6 per cent month-over-month (MoM) increase and a 3.8 per cent YoY rise. The smaller YoY increase in April can be partly attributed to downward revisions in last year's data.

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)

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