U.S. retail sales fall unexpectedly in April; March data revised up

U.S. retail sales fall unexpectedly in April; March data revised up GlobeBusiness

. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

They were previously reported to have soared 1.0 per cent in March. Consumer spending accounts for more than two-thirds of economic activity. While March’s strong core retail sales set consumer spending on an upward trajectory in the second quarter, last month’s weakness suggested the pickup in consumption could be moderate.

Consumer spending grew at a 1.2 per cent annualized rate in the first quarter, the slowest in a year. The economy grew at a 3.2 per cent pace in the January-March quarter, getting a temporary boost from exports and an accumulation of inventory.

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