Retail sales were unchanged in April from March as inflation and interest rates curb spending
NEW YORK (AP) — Retail sales in April were unchanged from March as inflation continued to sting and elevated interest rates made taking on debt more burdensome.
The number following a revised 0.6% pace in March, according to Commerce Department data released Wednesday. It rose 0.9% in February. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.
Excluding gas prices and auto sales, retail sales fell 0.1%
Online sales were down 1.2%, while business at electronics stores was up 1.5%. Sales at home furnishings stores slipped 0.5%.
The data offers only a partial look at consumer spending because it excludes things like travel and lodging. However at restaurants, the lone service category tracked in the monthly retail sales report, sales rose 0.2% from March.