US retail sales rose sharply in April as consumers bought motor vehicles amid an improvement in supply and frequented restaurants, showing no signs of slowing demand despite high inflation.
According to the Commerce Department on Tuesday (17), retail sales grew 0.9% last month.
March data was revised to show sales up 1.4% instead of 0.7% as previously reported.
Economists polled by Reuters were projecting a 0.9% increase in sales, with estimates ranging from 0.2% to 2.0%. Last month’s increase reflects both strong demand and higher prices.
Retail sales are mostly goods and are not adjusted for inflation, which appears to have peaked in April. Bars and restaurants are the only service category in the report.
According to Bank of America, aggregate spending on credit and debit cards increased 13% in April from a year earlier.
The bank noted that while inflation is not driving higher spending, it is “clear that consumer strength goes beyond that.”
Consumer price inflation reached 8.3% in April on a yearly basis.
Source: CNN Brasil
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