April Retail Sales Hold Gains
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.
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.
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