April retail sales flat following March surge

Retails sales in April remained virtually unchanged from March, according to census data released Friday, a significant drop off following the major 10.7 percent surge the previous month.

The figures fell short of the 1 percent rise economists had expected.

Retail sales came in at $619.9 billion, slightly higher than March.

The March growth in retail sales was fueled by $1,400 stimulus checks, though additional payments have continued to trickle out in April and May.

Despite the unexpected stall in growth, the overall figures remained positive, according to Matthew Shay, CEO of the National Retail Federation.

“Year-over-year growth of 28.8 percent demonstrates that household finances remain strong, and the economic recovery will likely continue to gain steam as we head into the summer months,” he said. “Consumers are demonstrating that when they feel safe, they are both willing and able to spend and are driving the economy forward.”

The latest figures are significantly higher than pre-pandemic levels, which reached $525.8 billion in February of last year, before the pandemic shuttered the economy.

Stock markets opened higher Friday despite the flat figures, rebounding from a sharp drop earlier in the week.