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WASHINGTON — U.S. retail sales were unchanged in April from March as inflation continued to sting and interest rates made taking on debt more burdensome.
April’s core retail sales as defined by the National Retail Federation (NRF) — based on U.S. Census Bureau sales figures, but excluding automobile dealers, gasoline stations and restaurants — declined 0.2% seasonally adjusted from March but were up 3.9% unadjusted year over year.
“The softer pace of spending is due in part to consumers being selective and prioritizing retail purchases,” said Jack Kleinhenz, chief economist at NRF. “Yet, consumers remain willing to spend, keeping the economy afloat despite stubbornly high inflation for services and higher interest rates.”
The Consumer Price Index for April climbed 3.4% from a year earlier.
