John Furner President and CEO | Official website
Retail sales in April experienced a modest increase from the previous month, but a shift in the timing of Easter led to a slight year-over-year decline, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions. The report was released today by the National Retail Federation (NRF).
NRF President and CEO Matthew Shay stated, “Consumer spending continues to drive economic growth and retail sales increases, though we see some moderation in spending as consumers continually search for value.” He further explained that consumer spending is supported by a growing job market and real wage gains. However, he noted that overall inflation remains high due to elevated service prices while goods inflation has dropped significantly.
The Retail Monitor reported that total retail sales, excluding automobiles and gasoline, rose 0.26% seasonally adjusted month over month but fell 0.6% unadjusted year over year in April. This contrasts with increases of 0.36% month over month and 2.72% year over year recorded in March.
The core retail sales calculation (excluding restaurants as well as automobiles and gasoline) showed an increase of 0.4% month over month in April but remained almost unchanged year over year — down just 0.05%. In comparison, March saw increases of 0.23% month over month and 2.92% year over year.
The apparent decline in year-over-year figures is believed to be an anomaly due to Easter falling in April last year but occurring in March this year coupled with two fewer weekend days this April. Despite this drop, total sales were up 1.82% year over year for the first four months of the year and core sales increased by 2.31%.
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual credit and debit card purchase data compiled by Affinity Solutions which does not require monthly or annual revisions.
April saw increased sales in five out of nine retail categories on a yearly basis, led by online sales, health and personal care stores, and building and garden supply stores. Sales increased in all but one category on a monthly basis.
The NRF, as the leading authority for the retail industry, provides monthly data on retail sales and also forecasts annual retail sales and spending for key periods such as the holiday season each year.
About NRF: The National Retail Federation advocates for the people, brands, policies and ideas that help retail succeed. Based in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs — 55 million working Americans.
