May 15, 2024 - Economy
Charted: April retail sales come in flat
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April retail sales were unchanged from March, according to government data.
Why it matters: That's good news for the 2024 rate-cut hopefuls, but not so much for businesses depending on ready and willing consumers.
Between the lines: Of the 13 main business categories tracked by the commerce department, seven showed negative monthly sales growth in April.
- Hefty declines were seen for sporting goods, hobby and book stores (-0.9%), motor vehicle and parts dealers (-0.8%), and health and personal care retailers (-0.6%).
- Stripping away spending on autos and gasoline, total retail and food service sales fell 0.1% from the previous month.
What we're watching: Nonstore retailers (mostly online shopping) saw the biggest decline in April, with sales falling 1.2%, though some attribute that to a pull-forward of demand last month.
Go deeper: Inflation and retail sales reports point to cooler economy
