US retail sales rose sharply in April as consumers bought motor vehicles amid an improvement in supply and visited restaurants more frequently, showing a tendency to keep consumer spending high despite galloping inflation.
According to the US Department of Commerce, retail sales in April increased by 0.9%, while the revised data for March showed an increase of 1.4%, compared to 0.7% which was the initial estimate.
According to a Reuters poll, economists had forecast an average increase in retail sales of 0.9%, with extremely divergent estimates, ranging from 0.2% to 2%.
According to Bank of America, spending through credit and credit cards increased by 13% year-on-year in April.
It is recalled that on an annual basis last month inflation stood at 8.3%.
Excluding vehicles, fuel, building materials and food, construction retail sales in April increased by 1%.
Source: Capital
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