U.S. retail sales rose 0.3% in April for both total and excluding autos
U.S. retail sales rose 0.3% in April for both total and excluding autos, slightly below our forecasts. However, March was revised higher to 0.8% from 0.6%, with February bumped up to unchanged from -0.1%. The March ex-auto component was revised up to 0.4% from the prior 0.2% gain, while February was doubled to 0.4% from 0.2%. Excluding autos, gas, and building materials, sales were up 0.3% versus 0.6% previously (revised up from 0.4%). Motor vehicles and parts sales edged up 0.1% after rebounding 2.1% in March (revised from 2.0%). Gas station sales increased 0.8% from a 0.3% gain (revised from -0.3%). Clothing climbed 1.4%, while furniture sales were up 0.8%. Miscellaneous sales rose 0.9% and non-store retailers were up 0.6% from 0.8% (revised from 0.8%). Thanks to the revisions and the broad-based nature of the gains, this is a solid report.