US Retail Sales Increase 0.5% as Tax Refunds Lift Spending
U.S. retail sales rose 0.5% in April as tax refunds cushioned households against inflation. Rising prices and low savings may soften demand later this quarter.
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The United States Census Bureau reported retail sales rose 0.5% in April, marking a third consecutive month of growth.
Larger tax refunds and equity gains offset rising inflation triggered by the U.S.-backed conflict with Iran. The U.S.-Israeli conflict with Iran has disrupted shipping in the Strait of Hormuz, driving up prices of energy and other commodities.