U.S. retail sales inch up 0.1% in April, core sales fall 0.1%

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Investing.com - Retail sales in the U.S. rose unexpectedly in April, while core retail sales fell in line with forecasts, official data showed on Monday.

In a report, the U.S. Commerce Department said that retail sales inched up by a seasonally adjusted 0.1% in April, confounding expectations for a 0.3% decline.

Retail sales fell by 0.5% in March, whose figure was downwardly revised from a 0.4% drop.

Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.

Core retail sales, which exclude automobile sales, fell by a seasonally adjusted 0.1% last month, in line with expectations. Core sales in March fell by 0.4%.

Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.

Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.3% to trade at 1.2951.

Meanwhile, U.S. stock future indices pointed to a lower open. The Dow Jones Industrial Average futures pointed to loss of 0.2%, S&P 500 futures indicated a decline of 0.2%, while the Nasdaq 100 futures signaled a loss of 0.3%.

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This article appears in: Investing , Forex and Currencies

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