NEW YORK — U.S. shoppers pulled back on spending in April as higher gas prices fueled by the Iran war meant less money left over for nonessential goods.
Retail sales rose 0.5 per cent in April, a slowdown from the revised 1.6% in March, according to Commerce Department data released Thursday. March marked the largest one-month increase in retail spending in more than three years, largely because gas prices spiked higher rapidly.
Excluding gas prices, retail sales were up 0.3 per cent in April.
Elsewhere in some areas, shoppers had tepid spending.
Sales at department stores fell 3.2 per cent, while sales at furniture and home furnishings stores slipped two per cent. Online retailers saw a 1.1 per cent increase.
The snapshot offers only a partial look at consumer spending and doesn’t include things like travel and hotel stays. The lone services category – restaurants – registered a 0.6 per cent increase.
Anne D’innocenzio, The Associated Press
