https://sputnikglobe.com/20220517/us-april-retail-sales-up-09-almost-double-march-growth-as-americans-weather-inflation-1095575681.html
US April Retail Sales Up 0.9%, Almost Double March Growth as Americans Weather Inflation
US April Retail Sales Up 0.9%, Almost Double March Growth as Americans Weather Inflation
Sputnik International
WASHINGTON (Sputnik) - US retail sales grew by 0.9% in April, almost double the growth from a month earlier and just below economists’ expectations as... 17.05.2022, Sputnik International
2022-05-17T13:13+0000
2022-05-17T13:13+0000
2022-05-17T13:13+0000
us
inflation
sales
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"Advance estimates of US retail and food services sales for April 2022, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $677.7 billion, an increase of 0.9 percent from the previous month," the department said in a news release.Retail sales had grown by just 0.5% in March, after an even more modest 0.3% in February, as costlier fuel and food prices at the beginning of the year appeared to crimp buying in a nation where consumer spending accounts for more than two-thirds of the economy.April’s stronger rebound suggested that consumers were beginning to get adjusted with prices expanding at their fastest since the 1980s, said economists who had expected a growth of 1% for last month — just slightly above what the Commerce Department reported.Year-on-year retail sales were also markedly stronger, growing 8.19% in the 12 months to April versus 6.3% in the prior year to April 2021.After contracting 3.5% in 2020 from disruptions forced by the coronavirus pandemic, the US economy expanded by 5.7% in 2021, growing at its fastest pace since 1982.But inflation has grown just as fast as the economy, or maybe a tad quicker. The Personal Consumption Expenditure Index, an inflation indicator closely followed by the Federal Reserve, rose by 5.8% in the year to December and 6.6% in the 12 months to March. Both readings reflected the fastest growth since the 1980s.The Consumer Price Index and the Producer Price Index, two other key gauges for inflation, rose 8.3% and 11%, respectively, in the year to April.The Federal Reserve’s own tolerance for inflation is just 2% per year. The central bank has indicated that a total of seven rate hikes — the maximum allowable under its calendar of meetings this year — are on slot for 2022. More rate adjustments could follow in 2023, until a return to the 2% inflation target is achieved, the Fed has said.
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US April Retail Sales Up 0.9%, Almost Double March Growth as Americans Weather Inflation
WASHINGTON (Sputnik) - US retail sales grew by 0.9% in April, almost double the growth from a month earlier and just below economists’ expectations as Americans appeared to weather inflation growing at its fastest pace in four decades, data from the Commerce Department showed Tuesday.
"Advance estimates of US retail and food services sales for April 2022, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $677.7 billion, an increase of 0.9 percent from the previous month," the department said in a news release.
Retail sales had grown by just 0.5% in March, after an even more modest 0.3% in February, as costlier fuel and food prices at the beginning of the year appeared to crimp buying in a nation where consumer spending accounts for more than two-thirds of the economy.
April’s stronger rebound suggested that consumers were beginning to get adjusted with prices expanding at their fastest since the 1980s, said economists who had expected a growth of 1% for last month — just slightly above what the Commerce Department reported.
Year-on-year retail sales were also markedly stronger, growing 8.19% in the 12 months to April versus 6.3% in the prior year to April 2021.
"Americans are still buying lots of stuff, but they are also paying higher prices," the MarketWatch service said in a commentary.
After contracting 3.5% in 2020 from disruptions forced by the coronavirus pandemic, the US economy expanded by 5.7% in 2021, growing at its fastest pace since 1982.
But
inflation has grown just as fast as the economy, or maybe a tad quicker. The Personal Consumption Expenditure Index, an inflation indicator closely followed by the Federal Reserve, rose by 5.8% in the year to December and 6.6% in the 12 months to March. Both readings reflected the fastest growth since the 1980s.
The Consumer Price Index and the Producer Price Index, two other key gauges for inflation, rose 8.3% and 11%, respectively, in the year to April.
The Federal Reserve’s own tolerance for inflation is just 2% per year. The central bank has indicated that a total of seven rate hikes — the maximum allowable under its calendar of meetings this year — are on slot for 2022. More rate adjustments could follow in 2023, until a return to the 2% inflation target is achieved, the Fed has said.
