U.S. retail sales unexpectedly fell in April as households cut back on purchases...
WASHINGTON - U.S. retail sales unexpectedly fell in April as households cut back on purchases of motor vehicles and a range of other goods, pointing to a slowdown in economic growth after a temporary boost from exports and inventories in the first quarter.
Economists have warned the trade tensions could undercut growth. Following the retail sales report, some economists trimmed their second-quarter growth estimates. They were previously reported to have soared 1.0% in March. Consumer spending accounts for more than two-thirds of economic activity. While March’s strong core retail sales set consumer spending on an upward trajectory in the second quarter, last month’s weakness suggested the pickup in consumption could be moderate.
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