Retail sales held up well in April, despite higher gasoline prices… Here is Sharon Nunn at the WSJ:
”Retail sales—a measure of spending at stores, online-shopping websites and restaurants—rose a seasonally adjusted 0.3% in April from the prior month, the Commerce Department said Tuesday. That growth was largely broad-based, and held up even when excluding gasoline and autos. Food and beverage stores, and clothing and accessories retailers both clocked the largest sales gains since last year. A weak spot was spending at restaurants and bars, declining 0.3% from March.
Analysts had worried that rising gas prices would slow consumer spending in the near term. The national average price for a gallon of regular gasoline in April was $2.76, up nearly 17 cents from the prior month and the highest since mid-2015, according to the U.S. Energy Information Administration. Gasoline-station sales rose 0.8% in April from the prior month.”