April retail sales post solid gains

Commerce reported that April retail sales—at $677.7 billion—saw a 0.9% increase over March and an 8.2% annual gain. It also noted that total retail sales, from February 2022 through April 2022, increased 10.8% compared to the same period a year ago. Based on its Commerce’s data, retail sales have seen annual gains every month going back to March 2020. NRF said that in its calculation of retail sales, which excludes automobile dealers, gasoline stations, and restaurants, to focus on core retail, pointed to sales being up 0.9% in April on a seasonally adjusted basis from March, while rising 6.4% on an unadjusted basis annually. And it added that NRF data showed a 7.1% unadjusted annual gain on a three-month moving average as of April.

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