US retail sales were unchanged in April

The US Commerce Department said today that US retail sales were unchanged in April after rising 10.7% in March, the second largest increase ever, and year over year, retail sales rose 51.2% in the 12 months to April. Sales in clothing stores decreased by 5.1%, sales in building materials stores decreased by 0.4%, Internet retail sales decreased by 0.6%, sales in furniture stores decreased by 0.7%, while receipts in electronics and hardware stores decreased by 1.2%.

Core retail sales that exclude cars, gasoline, building materials, and food services fell 1.5% in April after rising 7.6% in March, and consumer spending, which accounts for more than two-thirds of US economic activity, rose at an annual rate of 10.7% in the first quarter.