April Retail Sales Slipped After Stimulus-Driven March, Says NRF
Consumers “tapped the brakes slightly” in April, with retail spending down 1.3% sequentially after a 21.2% March surge spurred by government stimulus checks, reported the National Retail Federation Friday. Year-over-year growth was 28.8%, “reflecting the disparity between retailers that could…
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remain open a year ago and those that were forced to shut down” due to COVID-19, said Chief Economist Jack Kleinhenz. Electronics and appliance store sales were up 1.2% month over month and 140% year on year. The slight dip from a strong March shows household finances “remain strong, and the economic recovery will likely continue to gain steam as we head into the summer months,” said CEO Matthew Shay. The Centers for Disease Control and Prevention’s updated guidance for vaccinated individuals “will help further open the economy and get more people back to work,” he said. Retailers will continue to follow state and local COVID-19-related laws and regulations governing store operations, Shay said, “and we urge lawmakers and government officials to prioritize policies that both encourage work and continued safety.”