Credit, Economy and Financial News from TruckingFactor.com

Retail Sales Disappoint in April

The Commerce Department said that retail sales fell 0.4% in April, a disappointing reading that indicates consumers are still not confident enough to part with discretionary dollars. The April weakness followed a 1.3% drop in March that was worse than first estimated. Retail sales had posted gains in January and February after falling for six straight months, raising hopes that consumer spending – and the economy – was poised for a rebound. But the declines in March and April signals that the economic recovery will take more time than hoped. The April sales decline came despite a 0.2% increase in auto sales. Excluding autos, the drop in retail sales would have been 0.5%. Sales at department stores and general merchandise stores fell 0.1% and sales at specialty apparel stores slid 0.5%. Sales also fell at furniture stores, electronic and appliance stores, food and beverage stores and gasoline stations. Sales at building materials chains grew 0.3%. The results at department stores and apparel stores were surprising since the nation's major chains recently reported improved numbers for April, compared to the first three months of the year.

Return to: Factoring, Credit and Economy News

Date Last Updated: 05/13/2009