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IPFS News Link • Business/ Commerce

Retail Sales Rise in April but Price Inflation Accounts for All of the Increase

•, By Mish

Economists expected retail sales would rise of 0.7 percent in April. 

The Commerce Department reported 0.4 percent but revised March from -1.0 percent to -0.7 percent. That would mostly be a wash but the Commerce Department revised February-to-March sales  a bit lower.

Real sales, adjusted for price increases, were flat.

Please consider the Advance Retail Sales Report for April 2023.

Advance Retail Sales Details

Advance estimates of U.S. retail and food services sales for April 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $686.1 billion, up 0.4 percent from the previous month, and up 1.6 percent above April 2022. 

Total sales for the February 2023 through April 2023 period were up 3.1 percent  from the same period a year ago. 

The February 2023 to March 2023 percent change was revised from down 0.6 percent to down 0.7 percent. 

Retail trade sales were up 0.4 percent from March 2023, and up 0.5 percent  above last year. 

Nonstore retailers were up 8.0 percent from last year, while food services and drinking places were up 9.4 percent from April 2022. 

The key phrase is "adjusted for seasonal variation and holiday and trading-day differences, but not for price changes."

Consumers have to spend more money just to buy the same amount of goods and services as last month.

Inflation Adjusted Retail Sales Last Six Months

November: -1.5 Percent

December: -0.8 Percent

January: +2.3 Percent

February: -1.1 Percent

March: -0.8 Percent

April: + 0.0 Percent

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