Data released by the US Census Bureau shows shoppers remained engaged in April amid continued concern over tariffs on imported merchandise, National Retail Federation Chief Economist Jack Kleinhenz said.
“Consumers are still spending despite widespread pessimism fueled by rising tariffs,” Kleinhenz said. “While tariffs may have weighed on spending decisions, growth is coming at a moderate pace and consumer spending remains steady, reflecting a resilient economy. The momentum and willingness to spend is being supported by positive data on jobs and wages along with lower energy prices.”
The Census Bureau said overall retail sales in April were up 0.1% seasonally adjusted month over month and up 5.2% unadjusted year over year. That compared with increases of 1.7% month over month and 5.2% year over year in March.
April’s core retail sales as defined by NRF—based on the Census data but excluding automobile dealers, gasoline stations and restaurants—were down 0.1% seasonally adjusted month over month but up 5.1% unadjusted year over year. Core sales were up 3.4% year over year on a three-month moving average and up 3.8% for the first four months of the year.
Last week, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that core retail sales were up 0.9% seasonally adjusted month over month in April and were up 7.11% unadjusted year over year. That compared with a increases of 0.4% month over month and 5.07% year over year in March.
