Retail Sales Increase in April

So far consumer spending in the first four months of this year has risen at the fastest pace in three years. Hopefully this trend will continue, which will lead to continued economic improvement and a significant reduction in the unemployment rate.

According to a Commerce Department report, April retail sales (excluding auto sales) were up 0.4 percent last month. The increase was led by a 6.9 % surge in spending at building material & garden supply dealers. Spending was also up at health & personal care shops (+.9%), gasoline stations (+.5%), non-store retailers (+.2%), and food services & drinking places (+.1%).

However, sales at department stores fell by 1.5 percent while sales at general merchandise stores (Wal-Mart, Target, etc.) reported a 0.4 percent decline. Spending was also down at furniture & home furnishing stores (-1.2%), grocery stores (-.5%), electronic & appliance stores (-.4%), clothing stores (-1.0%), sporting goods & music stores (-1.9%), and miscellaneous store retailers (-.3%).

Because consumer spending accounts for 70 percent of economic activity, it is vital to a sustainable improvement in the economy as the government begins to unwind the stimulus spending.

Commerce Department Retail Sales Report

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