NRF Likes April Retail Momentum

May 16, 2010  by in UnCategorized   

By Home Furnishings Business in economic news on May 17, 2010

The National Retail Federation reported last week that April retail industry sales excluding automobiles, gas stations, and restaurants increased 0.5 percent seasonally adjusted over March and 4.6 percent unadjusted year-over-year.

April retail sales released last by the U.S. Commerce Department, which include non-general merchandise categories such as autos, gasoline stations and restaurants, increased 0.4 percent seasonally adjusted over March and 9.3 percent unadjusted year-over-year. 

"The slow road to recovery is turning into a sprint as retailers experienced a nice bounce in April," said National Retail Federation President and CEO Matt Shay. "But maintaining this sales momentum will be challenging. Until our economy begins to create jobs and reduce unemployment, the breadth and sustainability of this recovery remains uncertain."

"Spring shopping and seasonal weather helped boost sales last month," said Rosalind Wells, chief economist for NRF. "Spending on discretionary items had fallen by the wayside these last few years and we are encouraged to see consumers dipping into that pot once again." 

Building material and garden equipment stores saw the biggest improvement with sales increasing 6.9 percent seasonally adjusted month-to-month and 14.1 percent unadjusted year-over-year. Health and personal care stores sales increased 0.9 percent seasonally adjusted from last month and 3.3 percent unadjusted year-over-year. 

Clothing and clothing accessory store sales decreased 1.0 percent seasonally adjusted from March but increased 5.4 percent unadjusted year-over-year. Electronics and appliance store sales decreased 0.4 percent seasonally adjusted month-to-month and increased 4.4 percent unadjusted from last year.