U.S. Retail Sales Up 0.9 Pct In April Amid Surging Inflation
Sumaira FH Published May 18, 2022 | 01:55 PM
U.S. retail sales rose 0.9 percent in April after a revised 1.4-percent rise in the previous month, the Commerce Department said Tuesday in a report
WASHINGTON, (UrduPoint / Pakistan Point News - 18th May, 2022 ) --:U.S. retail sales rose 0.9 percent in April after a revised 1.4-percent rise in the previous month, the Commerce Department said Tuesday in a report.
Retail sales totaled 677.7 billion U.S. Dollars in April, 8.2 percent above April last year, according to the report.
March's retail sales were revised up from an increase of 0.5 percent to 1.4 percent, following a 0.8-percent gain in February, the report showed.
Retail trade sales in April were up 0.7 percent from March, and up 6.7 percent above last year.
The retail sales data were released about a week after the Labor Department reported U.S. consumer price index (CPI) in April surged by 8.3 percent from a year ago, marking the second straight month of inflation over 8 percent.
"Despite rising interest rates, high inflation and product shortages, retailers reported increased spending in April and upward revisions to the prior month, which suggests a better Q1 for consumer spending than first reported," Tim Quinlan and Shannon Seery, economists at Wells Fargo Securities, wrote in an analysis.
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