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Retail sales in April increased for the seventh consecutive month even as gas prices rose and inflation remained high, according to the CNBC/NRF Retail Monitor.
“Retail sales continued to grow in April despite higher gas prices driven by the ongoing conflict in Iran, cautious consumer sentiment and the persistent concerns about sustained inflation,” says NRF president and CEO Matthew Shay. “Spending on household priorities remains solid, supported by a steady labor market, wage growth and a significant influx of cash from tax refunds. While consumers are mindful on costs, retailers are working hard to keep everyday goods affordable for American families.”
Total retail sales, excluding automobile dealers and gasoline stations, were up 0.34% seasonally adjusted month over month and up 5.73% unadjusted year over year in April. That compared with increases of 0.4% month over month and 6.59% year over year in March.
April sales were up in all but one of nine categories on a yearly basis, led by clothing stores, sporting goods stores and health and personal care stores and were also up in all but one category on a monthly basis.
Sales in building and garden supply stores were up 0.09% month over month seasonally adjusted but down 2.74% year over year unadjusted.
