US: Retail Sales rise by 0.9% MoM in April vs. 0.9% expected gain
- Headline Retail Sales growth was in line with expected at 0.9% in April.
- But Core Retail Sales growth was stronger than expected at 0.6% MoM and there were big positive revisions.
- Nonetheless, FX markets did not seem to react to the data.
US Retail Sales rose at a pace of 0.9% MoM in April, in line with the expected pace of 0.9% but slower versus the previous month's 1.4% MoM pace of gain (which had been revised up from 0.7%), data released by the US Census Bureau on Tuesday revealed. YoY, sales were up 8.19% in April from 7.34% in March (which had been upwardly revised from 6.61%).
US Core Retail Sales rose at a pace of 0.6% MoM in April, higher than the 0.4% expected gain. Core Retail Sales also saw a big positive revision to the March report, with sales now estimated to have risen 2.1% MoM versus the prior estimate of 1.4%.
The Retail Control rose 1.0% MoM, above the expected gain of 0.5%, while March's gain in the Retail Control group was also revised up to 1.1% from 0.7% previously.
Market Reaction
Despite the massive upwards revisions to the March data and better than expected growth in Core Retail Sales in April, markets do not seem to have reacted much. The DXY is arguably a tad higher in wake of the release but has been unable to get back above 103.50 (for now).
Author
Joel Frank
Independent Analyst
Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset
