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.
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