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Retail sales rose 0.5% in April; nearly 5% for year
- On Thursday, the Commerce Department and Census Bureau reported U.S. retail and food services sales rose 0.5% in April to $757.1 billion, marking the third consecutive monthly increase following a downwardly revised 1.6% jump in March.
- Rising energy prices stemming from the conflict with Iran fueled the increase in receipts, as the war boosted prices of energy products and other commodities affecting overall spending.
- Core retail sales excluding automobiles, gasoline, and building materials rose in April, though department stores fell 3.2%, furniture sales declined 2%, and clothing stores dropped 1.5%.
- Economists at PNC Financial said "consumers are drawing down tax refunds more rapidly than last year, particularly among lower-income households," with fewer refunds used for debt repayment.
- A Consumer survey by the University of Michigan found sentiment low due to high prices, and with inflation outpacing wage growth, spending could slow considerably this year.
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27 Articles
Coverage Details
Total News Sources27
Leaning Left3Leaning Right5Center4Last UpdatedBias Distribution42% Right
Bias Distribution
- 42% of the sources lean Right
42% Right
L 25%
C 33%
R 42%
Factuality
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