U.S. Retail Sales Rise 0.5% in April... High Oil Prices Dampen Consumption
Gas Station Sales Rise
Spending on Furniture and Clothing Declines
Amid soaring oil prices triggered by the aftermath of the Iran war, the growth of U.S. retail sales in April slowed significantly.
The U.S. Department of Commerce announced on May 14 (local time) that U.S. retail sales in April increased by 0.5% compared to the previous month. This figure is in line with expert forecasts compiled by Dow Jones. However, it marks a sharp decline compared to March's 1.6% growth.
Sales at gas stations rose by 2.8% from the previous month due to higher gasoline prices. In contrast, sales decreased at motor vehicle and parts dealers (-0.4%), furniture stores (-2.0%), clothing and clothing accessories stores (-1.5%), and department stores (-3.2%).
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Given that the U.S. consumer price index (CPI) for April rose 0.6% from the previous month, it is interpreted that real retail sales in April effectively declined.
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