In April, retail sales increased somewhat, but higher prices for food, gasoline, and other necessities ate into consumers’ wallets.
After a revised 0.8 percent gain from January to February, retail sales increased by 0.5 percent.
Wage increases, good hiring, and more money in bank accounts supported consumer spending. In January, the 4.9 percent increase in expenditure was the most since April 2021, when American households received a final federal stimulus payment of $1,400.
The US Commerce Department announced Thursday that overall retail sales were down 0.3 percent last month, excluding an 8.9% gain at petrol stations.