Key Points:

  • Retail sales, a measure of purchases at stores, restaurants and online, were unchanged in April, well below consensus of 0.4%.
  • March was revised down from 0.7% to 0.6%.
  • Excluding autos, retail sales rose by 0.2% over the month, down from the revised 0.9% gain in March.
  • Retail sales were 3.0% above April 2023 but CPI data released earlier this week showed prices have increased 3.4% in the last year.
  • Retail sales are not adjusted for inflation and reflect price differences as well as purchase amounts.
  • Total sales for the February 2024 through April 2024 period were up 3.0% from the same period a year ago.
  • The Right Facts will continue to monitor retail sales.