|
The Commerce Department said on Wednesday retail
sales for March were revised up to show a 1.1 percent increase
instead of the previously reported 0.9 percent rise.
Economists polled by Reuters had forecast retail sales rising
0.2 percent last month.
Retail sales excluding automobiles, gasoline, building materials
and food services were also unchanged after an upwardly revised
0.5 percent increase in March.
The so-called core retail sales correspond most closely with the
consumer spending component of gross domestic product.
Economists had forecast core retail sales rising 0.5 percent in
April after a previously reported 0.4 percent increase in March.
Retail sales have trended weaker despite households getting a
massive windfall from lower gasoline prices. Consumers appear to
have saved much of the money from the cheaper gasoline.
The weak report was the latest sign that while the economy was
finding its footing at the start of the second quarter, it was
not doing so at a pace that would convince the Federal Reserve
to tighten monetary policy before September.
The economy was walloped by a mix of bad weather, disruptions at
ports, a strong dollar and deep spending cuts by energy firms.
The government reported last month that GDP expanded at a 0.2
percent annual pace in the first three months of the year.
Trade and wholesale inventory data published last week, however,
suggested the economy actually contracted. The government will
release its GDP revision later this month.
Retail sales last month were curbed by a 0.4 percent drop in
receipts at auto dealerships. Sales at service stations fell 0.7
percent. Sales at electronic and appliance stores slipped 0.4
percent, while receipts at furniture stores declined 0.9
percent.
There were some pockets of strength, with receipts at clothing
stores up 0.2 percent, likely as consumers took advantage of
Easter holiday discounts.
Receipts at online stores increased 0.8 percent, as did sales at
sporting goods stores. Sales of building materials and garden
equipment rose 0.3 percent. Sales at restaurants and bars
increased 0.7 percent.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
