Consumers pulled back on spending in April

By the numbers: Retail sales rose by 0.1% in April after surging in March by 1.7%, a figure that the government said was higher than initially reported.

• Restaurants and bars were the big winner last month, as sales rose 1.2%, while home improvement stores saw sales rise 0.8%.
• But most other retail categories saw a slowdown in spending relative to March, including hobby shops (-2.5%), miscellaneous shops (-2.1%) and department stores (-1.4%).
• Sales at gasoline stations fell 0.5%, likely a result of prices falling at the pump. The data is not adjusted for inflation.

The bottom line: Economists expect the trade war will cool consumer spending as tariffs lead to price increases — though the outlook is slightly brighter after the U.S.-China trade truce announced this week that eased tariffs.

• Walmart warned on Thursday that it would have to raise consumers prices as a result of tariffs, even with that China deal.