Blog
Retail Sales Drop in April
May 15, 2019
Americans were spending less money last month, as retail sales dropped 0.2 percent. Retail sales have seesawed this year. After an unexpected decline in December, January saw a large increase, before declining again in February. April’s drop comes on the heels of a big jump in March, which was revised upward to 1.7 percent.
Taken as a whole, the year’s data suggests that Americans are apprehensive about opening their wallets. Consumer spending drives much of the U.S. economy and makes up more than two-thirds of the total GDP. First quarter GDP showed sluggish sales growth.
The decline in sales was widespread last month. Hardware and garden stores saw the biggest drop, falling 1.9 percent. Electronics and appliance stores fell 1.3 percent. Car sales declined by 1.1 percent.
