US retail sales flat as economy struggles
Print Edition
US retail sales were flat in April as households cut back on purchases of automobiles and other big-ticket items, indicating the economy was struggling to rebound strongly after barely growing in the first quarter.
The weak retail sales report from the Commerce Department, and other data yesterday showing the 10th straight month of declining import prices in April, suggest little urgency for the Federal Reserve to start raising interest rates.
“In terms of the Fed, the sluggish spending and economic growth performance will continue to argue for a later start to liftoff, essentially ruling out a mid-year hike,” said Millan Mulraine, deputy chief economist at TD Securities in New York.
While March’s retail sales were revised higher to show a 1.1 percent increase instead of the previously reported 0.9 percent rise, that was not enough to offset the general weak tone of the report. Economists had forecast sales up 0.2 percent in April.
Futures markets continued to show that traders do not expect an interest rate hike until December at the earliest.
Retail sales excluding automobiles, gasoline, building materials and food services were also flat after an upwardly revised 0.5 percent increase in March.
These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
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