U.S. retail sales barely rose in April, tempering hopes of a sharp acceleration in economic growth in the second quarter.
The Commerce Department said on Tuesday retail sales edged up 0.1 percent last month, held back by declines in receipts at furniture, electronic and appliance stores, restaurants and bars and online retailers.
Retail sales, which account for a third of consumer spending, rose by a revised 1.5 percent in March. That was the largest increase since March 2010 and reflected pent-up demand after a brutally cold winter.
Economists had forecast sales advancing 0.4 percent last month after a previously reported 1.2 percent surge in March.
U.S. Treasury debt prices rose on the data, while the dollar trimmed gains versus the euro.
“You really had a spectacular March. You are now having an April hangover … The reality of the economy is decent but not great. Some people over-extrapolated the March numbers,” said Guy Berger, an economist at RBS in Stamford, Connecticut.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.