WASHINGTON: U.S. retail sales unexpectedly fell in April as households cut back on purchases of motor vehicles and a range of other goods, pointing to a slowdown in economic growth after a temporary boost from exports and inventories in the first quarter.
The Commerce Department said retail sales slipped 0.2per cent last month. Data for March was revised slightly up to show retail sales surging 1.7per cent, the largest increase since September 2017, instead of the previously reported 1.6per cent jump. They were previously reported to have soared 1.0per cent in March. Consumer spending accounts for more than two-thirds of economic activity. While March's strong core retail sales set consumer spending on an upward trajectory in the second quarter, last month's weakness suggested the pickup in consumption could be moderate.
Consumer spending grew at a 1.2per cent annualized rate in the first quarter, the slowest in a year. The economy grew at a 3.2per cent pace in the January-March quarter. The economy is losing momentum in part as the boost from last year's US$1.5 trillion tax cut package fades.In April, sales at auto dealerships dropped 1.1per cent after accelerating 3.2per cent in the prior month. Online and mail-order retail sales dropped 0.2per cent last month.
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