Retail sales in the U.S. unexpectedly rose in April reflecting broad-based gains that may ease concern consumers are holding back.
The 0.1 percent increase followed a 0.5 percent drop in March, Commerce Department figures showed today in Washington. The median forecast of 81 economists surveyed by Bloomberg called for a 0.3 percent drop. The figures used to calculate growth, which exclude categories such as automobiles, also advanced.
The figures may prompt economists to forecast spending this quarter will cool less than previously projected as Americans overcome the January increase in the payroll tax. Lower fuel costs combined with rising stock and home values also are helping boost buying power, which will help underpin purchases as the labor market mends.
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.