US retail sales steady at $705.2B in April

By Ovunc Kutlu

ISTANBUL (AA) - US retail sales remained unchanged at $705.2 billion in April, compared to the previous month, according to advance figures released Wednesday by the Commerce Department.

The market estimate for the figure was to show an increase of 0.6%.

The March figure was revised down from a gain of 0.7% to an increase of 0.6% for $705.1 billion.

On an annual basis, retail sales were up 3% in April, compared to the same month of last year.

"Total sales for the February 2024 through April 2024 period were up 3.0 percent from the same period a year ago," the Commerce Department said in a statement.

"Nonstore retailers were up 7.5 percent from last year, while food services and drinking places were up 5.5 percent from April 2023," it added.

The increase in figures indicates that consumer demand still remains high in the world's largest economy, and the Federal Reserve's first interest rate cut could be delayed this year.