U.S. retail sales slow down as gasoline prices surge, leading to tighter budgets

ME News Report, May 14 (UTC+8), U.S. retail sales growth slowed in April, indicating that high oil prices prompted consumers to cut back on spending in certain areas. Data shows retail sales increased by 0.5% last month, with the March growth revised to 1.6%. Excluding gas station sales, April’s growth was 0.3%. Since these figures are not adjusted for inflation, the growth may reflect rising prices rather than increased sales volume. Of the 13 categories, 9 experienced growth. In April, sales at sporting goods stores, online retailers, and electronics stores all increased. Car sales, however, declined. Due to soaring oil prices, gas station revenue grew by 2.8%. Grocery spending also rose significantly, possibly reflecting higher food prices that month. The so-called control group sales (used by the government to calculate quarterly GDP in terms of goods expenditure) increased by 0.5%. This metric excludes food services, auto dealers, building material stores, and gas stations. (Source: Jin10)