US retail sales unchanged in April
US retail sales slowed down in April after the initial effect of the White House's Covid-19 stimulus checks faded.
Advance retail sales were flat last month, according to the Commerce Department, a marked change when compared to estimates for a gain of 0.8% and March's upwardly revised 10.7% surge.
However, with US households accumulating at least $2.3trn in excess savings during the Covid-19 pandemic and a rapidly reopening economy, an acceleration was seen to be on the horizon.
Sales at automotive and parts dealers were up 2.9% as a shortage of available vehicles led to increased prices, while restaurant and bar sales expanded 3%, indicating that what has been the industry hardest hit by the coronavirus was beginning to recover amid an easing of restrictions.