The National Retail Federation (NRF) reported that U.S. retail sales increased in April. This marks the seventh consecutive month of growth despite persistent inflation and high gas prices.
According to the CNBC/NRF Retail Monitor, sales excluding auto dealers and gas stations rose 0.34% month-over-month. These sales increased 5.73% compared to the previous year.
Eight of nine retail categories showed year-over-year gains. Clothing, sporting goods, and health and personal care stores led the growth.
NRF's CEO credited a steady labor market and wage growth for supporting household spending. This data signals continued strength in the consumer discretionary sector.