U.S. retail sales grew for the seventh consecutive month in April. Total retail sales, excluding auto and gas, rose 0.34% month-over-month. This figure represents a 5.73% increase year-over-year according to the CNBC/NRF Retail Monitor.
Core retail sales, which further exclude restaurants, also climbed 0.34% monthly. These core figures rose 5.53% from the previous year.
April's growth reflects a slowdown from the pace seen in March. A stable labor market and wage growth continue to support spending despite higher gasoline prices and inflation.
Clothing, sporting goods, and health and personal care stores showed strength. Building and garden supply categories experienced weakness as consumers carefully consider purchasing decisions.