Retail sales increased 0.4% in April from March when it was down 0.7%. It marked the first increase since January when unusually warm weather and a big jump in Social Security benefits likely spurred more spending.
Spending by Americans has remained resilient with signs of weakness elsewhere in the economy. A solid job market has helped to prop up spending. But there’s still been a broader pullback in spending as inflation still remains high despite some easing, and rising interest rates are taking a toll. The numbers from Home Depot were a rough beginning to a busy week of retail earnings, dragging down the entire sector and the Dow as well.
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