U.S Retail sales declined in April, missing expectations

U.S. retail sales unexpectedly declined in April for the second time in three months, weighed down by soft sales of autos and building materials and suggesting consumer spending will remain subdued this quarter.

The value of overall sales declined 0.2% after a 1.7% increase the prior month that was the strongest gain since 2017, according to Commerce Department figures released Wednesday. That compared with the median forecast in Bloomberg’s survey calling for a 0.2% rise.

Sales in the “control group” subset, which some analysts view as a cleaner gauge of underlying consumer demand, were unchanged from the prior month, below projections for a 0.3% gain. The measure excludes food services, car dealers, building-materials stores and gasoline stations.

Bloomberg

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell