US retail sales growth moderated in April, as record-high gas prices and soaring inflation failed to slow down spending in the world’s biggest economy.
- April retail sales increased slightly 0.9% from the prior month to a total of $677.7 billion, largely in line with the Street consensus estimate and the fourth consecutive monthly gain.
- The March total was revised higher to 1.4% from the original estimate of a 0.5% jump.
- Excluding the auto sector, March retail sales rose by 0.6%, as stand-alone sales of gasoline dropped 2.7%.
Gasoline stations increased by 36.9% in April 2022 from a year ago, as food services and drinking places rose by 19.8% from last year.
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Source: US Census Bureau