US retail sales rose less than expected in April

The US Department of Commerce released April retail sales data.

Consequently, retail sales increased 0.4 percent compared to the previous month of April, reaching $686.1 billion. Market expectations were for retail sales to rise 0.8 percent per month during this period. Retail sales, which rebounded after two straight months of decline, fell 0.7 percent in March.

Retail sales in the country rose 1.6 percent on-year in April. Expectations were for retail sales to rise 4.2 percent on-year in that period. Retail sales rose 2.42 year-on-year in March.

In the increase in retail sales in April; Increased sales were noted at various retailers, non-store retailers, general merchandise stores, health and personal care stores, restaurants, stores that sell building materials and garden equipment, and stores that sell motor vehicles and spare parts.

In the same period, sales at gas stations, furniture, electronics and clothing stores, and sporting goods, hobby, music and book stores all declined.

Analysts said retail sales data showed consumer spending likely remained strong early in the second quarter despite rising recession risks this year. (AA)