Credit, Economy and Financial News

Retail Sales Disappoint in April

The Commerce Department said that retail sales fell 0.4% in April, a disappointing reading that indicates consumers are still not confident enough to part with discretionary dollars. The April weakness followed a 1.3% drop in March that was worse than first estimated. Retail sales had posted gains in January and February after falling for six straight months, raising hopes that consumer spending – and the economy – was poised for a rebound. But the declines in March and April signals that the economic recovery will take more time than hoped. The April sales decline came despite a 0.2% increase in auto sales. Excluding autos, the drop in retail sales would have been 0.5%. Sales at department stores and general merchandise stores fell 0.1% and sales at specialty apparel stores slid 0.5%. Sales also fell at furniture stores, electronic and appliance stores, food and beverage stores and gasoline stations. Sales at building materials chains grew 0.3%. The results at department stores and apparel stores were surprising since the nation's major chains recently reported improved numbers for April, compared to the first three months of the year.

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Date Last Updated: 05/13/2009

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