Following March's surprising surge in Retail Sales – after 3 months of declines – April saw spending growth slow notably to just +0.3% from a revised-higher March 0.8% gain.
February's initial decline was also revised to a rise…
Core retail sales (ex-autos and gas) also slowed and missed expectations suggesting some spillover from higher gas prices…
Under the hood saw every sector see gains in spending aside from Electronics and Appliance Stores, Health and Personal Care, Sporting Goods, and Food Sevice and Drinking Places. Perhaps all feeling the pinch from higher gas prices.
Most notably, the Control Group – which adjusts out food, autos, gas, and building materials – saw YoY growth slow dramatically…
