Connect With PPD
Follow Us:
Sections: Economy

We Told You It Wasn’t The Cold, US Retail Sales Go Nowhere

(Photo: REUTERS)

U.S. retail sales hardly even rose in the month of April and consumer spending actually fell, proving that the blaming of cold weather for the poor economy was bunk. The new data will certainly dash hopes of a sharp turn around in economic growth in the second quarter.

The U.S. economy was initially reported to have grown by just .1 percent in the first quarter, but recent data on the trade deficit showed the government’s adjustments were off; the economy actually contracted.

The Commerce Department said on Tuesday retail sales edged up by just 0.1 percent in the month of April, with receipts for furniture, electronic abd appliance stores, restaurants, bars and online retailers all showing declines.

Retail sales, which account for a third of consumer spending, rose by a revised 1.5 percent in the month of March, when economists were also scapegoating the cold winter weather. That was the largest increase since March of 2010.

Economists polled by Reuters weren’t expecting even modest growth , as they had forecast sales would increase by 0.4 percent last month after a previously reported 1.2 percent surge in March.

So-called core sales, which exclude automobiles, gasoline, building materials and food services, fell by 0.1 percent after a revised 1.3 percent increase in March. The measurement supposedly displays the closest relationship with the consumer spending component of gross domestic product.

Core retail sales had previously been reported to have risen 0.8 percent in March, but that wasn’t the case.

Last month, retail sales were weighed down by a 2.3 percent drop in receipts at electronics and appliance stores, while sales at furniture stores fell 0.6 percent and receipts at food services and drinking places dropped 0.9 percent.

Sales at non-store retailers, which include online sales, also fell by a 0.9 percent-point.

READ FULL STORY

SubscribeSign In
Richard D. Baris

Rich, the People's Pundit, is the Data Journalism Editor at PPD and Director of the PPD Election Projection Model. He is also the Director of Big Data Poll, and author of "Our Virtuous Republic: The Forgotten Clause in the American Social Contract."

Share
Published by
Richard D. Baris

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

4 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

4 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.