U.S. retail sales increase strongly in April



WASHINGTON, May 17 (Reuters) - U.S. retail sales increased solidly in April as consumers bought motor vehicles amid an improvement in supply and frequented restaurants, showing no signs of demand letting up despite high inflation.

Retail sales rose 0.9% last month, the Commerce Department said on Tuesday. Data for March was revised higher to show sales advancing 1.4% instead of 0.7% as previously reported.

Economists polled by Reuters had forecast retail sales accelerating 0.9%, with estimates ranging from as low as 0.2% to as high as 2.0%. Last month's increase reflects both strong demand and higher prices.

Retail sales are mostly goods, and are not adjusted for inflation, which appears to have peaked in April. Bars and restaurants are the only services category in the report.

According to the Bank of America, aggregate credit and debit card spending increased 13% year-on-year in April. The bank noted that while inflation was leading to higher spending, it was "clear consumer strength goes beyond this." Consumer price inflation increased 8.3% year-on-year in April.

A tight labor market is generating strong wages and allowing cash-squeezed consumers to take a second job or pick up extra shifts, providing some cushion against inflation. Households also accumulated massive savings during the pandemic, some of which are being deployed to maintain spending.

But with the Federal Reserve adopting an aggressive monetary policy stance to cool demand and bring down inflation, retail sales are expected to slow later this year. The U.S. central bank has increased its policy interest rate by 75 basis points since March. The Fed is expected to hike rates by half a percentage point at each of the next meetings in June and July.

Excluding automobiles, gasoline, building materials and food services, retail sales increased 1.0% in April. Data for March was also revised higher to show these so-called core retail sales increasing 1.1% instead of 0.7% as previously reported.

Core retail sales correspond most closely with the consumer spending component of gross domestic product. Last month's solid rise in core retail sales suggests that consumer spending got off to a strong start in the second quarter, a view that is supported by credit and debit card data from several banks showing increased outlays on travel and entertainment.

Strong consumer spending and robust business investment in equipment helped to underpin domestic demand in the first quarter even as GDP contracted at a 1.4% annualized rate because of a record trade deficit and slightly moderate pace of inventory accumulation relative to the October-December quarter
Reporting by Lucia Mutikani, Editing by Chizu Nomiyama

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示:您的資金存在風險。槓桿商品並不適合所有客戶。請詳細閱讀我們的風險聲明