economy
U.S. consumers aren't overlooking higher energy prices
The April retail sales numbers rose in line with expectations, though against a backdrop of Americans receiving extra-large tax refunds due to last year's tax cut legislation.
TL;DR
- Overall retail sales increased by 0.5% in April, meeting expectations.
- Spending at gas stations rose by 2.8% in April, following a substantial increase in March.
- Excluding gas stations, retail sales grew by 0.3%, which represents a decrease in inflation-adjusted spending.
- Several retail categories, including auto dealers, furniture, clothing, and department stores, saw declines in April spending.
- Restaurant and bar sales increased, suggesting consumers are still dining out.
- Large tax refunds have supported consumer spending, but this effect is expected to fade in May.
- Higher energy prices are beginning to impact Americans' ability to spend on other goods and services.