Retail sales inched up 0.4% in April from the prior month, exactly matching a rise in the Consumer Price Index, according to figures from the U.S. Commerce Department. It represented the first gain in retail sales since January, a positive sign amid economic fears and continued inflation. Excluding gas and auto, retail sales were up 4.3% in April vs. a year ago, adjusted for inflation.
Buoyed by the promise of new stimulus spending and the release of pent-up demand, retail posted impressive sales growth of 9.2% in January, excluding auto, gasoline, travel and lodging, according to the latest figures from MasterCard SpendingPulse. Not surprisingly, ecommerce continued to skyrocket, gaining 62% vs. January 2019.
As wage stagnation eases, job growth continues and consumer confidence remains steady, the National Retail Federation is calling for 3.1% growth in retail industry spending, despite economic headwinds such as ongoing concerns about China, according to NRF President and CEO Matthew Shay.