Retail sales data issued today by the United States Department of Commerce and the National Retail Federation (NRF) showed modest sequential gains and varying annual gains.
Commerce reported that April retail sales were up 0.3% annually at $497.6 billion and 0.8% ahead of March’s $496.1 billion. It also noted that total retail sales from February through April were up 4.6% annually.
April also represents the second straight month of retail sales gains, as March snapped a three-month stretch of declines from December through February.
Commerce reported that retail trade sales were up 0.4% in April over March and 4.8% annually. Non-store sales, which include e-commerce, saw a 9.6% annual gain. Furniture and home furniture sales were up 6.1% annually, and electronics ad appliance store sales were up 1.7%.
The NRF reported that April retail sales increased 0.4% on a seasonally adjusted basis compared to March and were up 2.8% annually. NRF’s data excludes retail sales from automobiles, gasoline stations, and restaurants.
“Retail sales growth remains solid and on track as households benefit from tax cuts even though they have faced unseasonable weather and bumpy financial markets,” NRF Chief Economist Jack Kleinhenz said. “The tax cuts and higher savings levels should help consumers afford the recent surge in gasoline prices. And a solid job market, recent wage gains and elevated confidence translate into ongoing spending support.”
NRF’s three-month moving average through April saw a 4.1% annual increase, which matches up with the organization’s estimate of 2018 retail sales rising between 3.8%-4.4% annually.
Various retail sectors saw solid performances in April based on NRF data, including:
● Online and other non-store sales were up 12.2 percent year-over-year and up 0.6 percent over March seasonally adjusted
● Furniture and home furnishings stores were up 5.8 percent year-over-year and up 0.8 percent from March seasonally adjusted
● Building materials and garden supply stores were up 5.6 percent year-over-year and up 0.4 percent from March seasonally adjusted
● Electronics and appliance stores were up 2.2 percent year-over-year but down 0.1 percent from March seasonally adjusted