April retail sales held their big gain in March, so the spring quarter has begun with sales 1% above the winter quarter average, according to Jim Haughey, senior economist for Newport Communications.
That is 4% at an annual rate, even if May and June are not higher than April. "This is the first hard postwar data to confirm that economic growth is returning to the 3% or higher range after six months of 1.5% sluggish growth," Haughey said.
April sales declined 0.1% from March but March was revised up 0.2% to a 2.3% month-to-month rise.
The only significant change in April was a $500 million fall in sales at clothing stores and a similar increase in gas station sales. Now, falling gas prices were already attracting shoppers back to the mall last month.
That is 4% at an annual rate, even if May and June are not higher than April. "This is the first hard postwar data to confirm that economic growth is returning to the 3% or higher range after six months of 1.5% sluggish growth," Haughey said.
April sales declined 0.1% from March but March was revised up 0.2% to a 2.3% month-to-month rise.
The only significant change in April was a $500 million fall in sales at clothing stores and a similar increase in gas station sales. Now, falling gas prices were already attracting shoppers back to the mall last month.
Read more about
Economy
media brand
0 Comments
See all comments