US retail sales cooled in April after being pulled lower by declines at auto dealers and clothing stores, a government report said today.
The Commerce Department said retail sales slid a greater-than-expected 0.5 per cent in April to a seasonally adjusted $331.84 billion. Sales excluding automobiles were off by a smaller 0.1 per cent.
Economists had been expecting the slowdown, given the big jump in March sales. March retail purchases were revised to a 2 per cent gain in the report, up from the previously reported 1.8 per cent rise.
Wall Street economists had expected April overall sales and sales excluding autos to drop by 0.2 per cent after March's hefty advance.
In the report, car and parts sales fell 1.8 per cent, their biggest loss since January, while clothing sales fell 2 per cent, their biggest monthly slide in more than a year.