Retail sales flat in April, falling short of Wall Street's expectations

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Retail sales were weaker than expected in April, furthering concerns about the state of the consumer amid sticky inflation and higher interest rates.

Retail sales were flat in April from the previous month, according to Census Bureau data. Economists had expected a 0.4% increase in spending, according to Bloomberg data. This marked a slowdown from the 0.6% month-over-month increase seen in March.

April sales, excluding auto and gas, declined by 0.1%, below consensus estimates for a 0.1% increase.

The update on consumer spending comes as economists are closely watching for any signs of weakness in the consumer amid the Fed’s pivot to keep interest rates high for longer than expected.

Shoppers gather in a Barnes & Noble store in the Americana at Brand shopping center on the day after Christmas on December 26, 2023 in Glendale, California. (Photo by Mario Tama/Getty Images) (Mario Tama via Getty Images)

This is a breaking news post and will be updated with further context.

Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.

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