April US retail sales undershoot forecasts

(Sharecast News) - American consumers reined in their spending last month, especially on motor vehicles and parts, as well as online. According to the Department of Commerce, in seasonally adjusted terms retail sales volumes were flat month-on-month at $705.18bn (consensus: 0.4%).

April's miss versus economists' forecasts came on top of a one tenth of a percentage point downward revision to the prior month's rise to 0.6%.

Sales fell in most product categories with the largest drags coming from a 0.8% decline in sales of motor vehicles and parts, followed by a 1.2% drop in those at non-store retailers.

Gasoline station sales on the other hand jumped by 3.1%, alongside a 1.6% increase in those at clothing stores.

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