“Consumers are still spending despite widespread pessimism fueled by rising tariffs.”
WASHINGTON – Data released today by the U.S. Census Bureau shows shoppers remained engaged in April amid continued concern over tariffs on imported merchandise, National Retail Federation Chief Economist Jack Kleinhenz said.
“Consumers are still spending despite widespread pessimism fueled by rising tariffs,” Kleinhenz said. “While tariffs may have weighed on spending decisions, growth is coming at a moderate pace and consumer spending remains steady, reflecting a resilient economy. The momentum and willingness to spend is being supported by positive data on jobs and wages along with lower energy prices.”
The Census Bureau said overall retail sales in April were up 0.1% seasonally adjusted month over month and up 5.2% unadjusted year over year. That compared with increases of 1.7% month over month and 5.2% year over year in March.
April’s core retail sales as defined by NRF — based on the Census data but excluding automobile dealers, gasoline stations and restaurants — were down 0.1% seasonally adjusted month over month but up 5.1% unadjusted year over year. Core sales were up 3.4% year over year on a three-month moving average and up 3.8% for the first four months of the year.
Last week, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that core retail sales were up 0.9% seasonally adjusted month over month in April and were up 7.11% unadjusted year over year. That compared with a increases of 0.4% month over month and 5.07% year over year in March.
As the leading authority and voice for the retail industry, NRF provides data on retail sales each month and also forecasts annual retail sales and spending for key periods such as the holiday season each year.
About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs — 55 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com