US retail sales edge past forecasts in April

US retail sales edged past forecasts in April on the back of upwards revisions to figures for the prior month.

Total retail sales volumes increased by 0.3% month-on-month to reach $497.6bn, according to the Department of Commerce.

That was one tenth of a percentage point less than economists had pencilled-in.

However, it was more than offset by an upwards revision of two tenths of a percentage point to the prior month's reading to 0.8%.

Versus a year ago, retail sales volumes were ahead by 4.7%.