Retail Sales Climb in April
This morning, the Census Bureau reported that retail sales climbed in April, good news for business and more evidence of a present, if slow-growing,
Jul 31, 202081.2K Shares1.8M Views
This morning, the Census Bureau reportedthat retail sales climbed in April, good news for business and more evidence of a present, if slow-growing, self-sustaining recovery.
The Census Bureau said retail and food services sales climbed 0.4 percent to $366.4 billion. Retail sales alone climbed 0.5 percent, 9.6 percent higher than last year. (The bureau also nudged the February-to-March estimate up.) Gasoline station sales climbed nearly a third year-on-year, and motor vehicle sales climbed 15.1 percent.
The sector that showed the strongest month-to-month advance was building material and garden supplies (at 6.9 percent growth), with more moderate growth in motor vehicles, health and personal care stores, gas stations and restaurants. Sectors weakening included furniture, electronics, grocery stores, clothing stores, sporting goods and department stores.
Dollar-wise, much of the retail sales growth has depended on rising gas prices and new purchases of cars. Still, most sectors show decent year-on-year growth, implying that consumers are simply consuming more, helping to fuel the recovery.
Hajra Shannon
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