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US retail sales edge down 0.2% in April

US retail sales edge down 0.2% in April

Mubasher: Initial official reading indicated that US retailers saw a month-on-month sales decline in April, compared with the growth in the revised estimates for March.

Retail and food services sales totalled $513.4 billion last April, falling by 0.2% from a revised $514.3 billion in the prior month, but with an annual gain of 3.1%, the US Census Bureau reported on Wednesday.

Omitting auto and gas, retailer saw their sales also declining by 0.2%, mirroring a broader downturn in the retail sector. Sales at gasoline stations climbed by 1.8%.

Sales at electronic stores fell also by 1.3% last month, while home and garden centres posted a drop of 1.9%.

Clothing stores, pharmacies and internet retail sales went down by 0.2% in April.

With more headwinds to the US economy, Americans spent less this year, compared to a year earlier, when households drew a boost from tax cuts. Consumer spending in the first quarter came in at the weakest level in a year.

By 1:00 pm GMT, the US dollar index climbed by 0.15% to 97.66.