NEW YORK — April retail sales were unchanged from March as inflation stalled and high interest rates made taking on debt more difficult.
The figure follows a revised pace of 0.6% in March, according to U.S. Commerce Department data released Wednesday. In February, interest rates rose by 0.9%. This comes after sales fell 1.1% in January, partly due to bad weather.
Excluding gasoline prices and car sales, retail sales fell 0.1%
Online sales fell by 1.2%, while sales at electronics stores rose by 1.5%. Turnover in home furnishing stores fell by 0.5%.
The data only provides a partial picture of consumer spending because it doesn’t take into account things like travel and lodging. However, restaurants, the only service category shown in the monthly retail sales report, saw sales increase 0.2% from March.