US retail sales rise 0.5pc in April amid climbing fuel prices

(Sharecast News) - US retail sales rose 0.5% month‑on‑month in April, according to the Census Bureau, matching expectations but easing from a downwardly revised 1.6% increase in March.

Sales jumped 2.8% at gasoline stations as fuel prices continued to climb amid the US and Israel's conflict with Iran. Excluding gas stations, retail sales were up 0.3%.

Gains were also recorded across several discretionary categories - including a 1.4% jump at sporting goods, hobby, musical instrument and book stores; a 1.1% increase at non‑store retailers and a 0.8% uptick at food and beverages retailers.

On the other hand, sales fell sharply at furniture stores, down 2%, while clothing retailers saw a 1.5% decline, auto dealers reported a 0.5% drop, and sales were flat at health and personal care stores.

The control group - which excludes food services, auto dealers, building materials and gasoline stations and feeds directly into GDP calculations - rose 0.5% in April, following a 0.8% gain in March and coming in slightly ahead of forecasts for a 0.4% increase.

Reporting by Iain Gilbert at Sharecast.com