US retail sales jump as economic growth quickens after stale first quarter
Consumer spending, accounting for more than two-thirds of US economic activity, rose an annualised 0.3% in the first quarter, the weakest since 2009’s fourth quarter
Washington — US retail sales increased broadly in April while consumer prices rebounded, pointing to an acceleration in economic growth and steadily rising inflation that could keep the Federal Reserve on track to raise interest rates in June. The reports on Friday added to data on the labour market in suggesting that economic activity picked up at the start of the second quarter after almost stalling in the first three months of the year. The commerce department said retail sales rose 0.4% in April after an upwardly revised 0.1% gain in March. Sales rose 4.5% in April, year on year. Economists had forecast overall retail sales increasing 0.6% in April. Excluding vehicles, petrol, building materials and food services, retail sales gained 0.2% after advancing 0.7% in March. These so-called core retail sales correspond most closely with the consumer spending component of GDP. Prices of US treasuries extended gains after the data, while US stock index futures slightly added to losses. ...
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