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
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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