US Retail Sales Rise the Most in 13 Months
Retail sales in the Unites States rose 1.3 percent in April from March of 2016, compared to a 0.3 percent drop in the previous month and above market forecasts. It is the highest gain since March last year, mainly driven by auto sales, in a sign that economic growth could gain momentum in the second quarter.
11 out of 13 major categories increased while 1 declined and 1 posted no growth. The biggest increase was recorded for sales in motor vehicle and part dealers (3.2 percent), followed by gasoline stations (2.2 percent), nonstore retailers (2.1 percent), miscellaneous store retailers (1.5 percent), clothing (1 percent), food and beverages (0.9 percent), health and personal care stores (0.9 percent), furniture and home furniture stores (0.7 percent), electronics and appliance stores (0.5 percent), food services and drinking places (0.3 percent) and sporting goods, hobby, book and music stores (0.2 percent). In contrast, sales in general merchandise stores showed no growth and those in building materials and garden equipment dealers went down 1 percent.
Excluding autos, sales increased 0.8 percent, after rising an upwardly revised 0.4 percent in the previous month. The so-called control group of sales – excluding automobiles, gasoline, building materials and food services – were up 0.9 percent after an upwardly revised 0.2 percent increase in the previous month.
5/13/2016 2:01:01 PM