Tills in U.S. retail stores did not move quickly last month.
Figures released Friday by the U.S. Commerce Department showed retail sales unexpectedly stalled in April as the boost from stimulus checks faded, but an acceleration is likely in the coming months amid record savings and a reopening economy.
The department said on Friday the unchanged reading in retail sales last month followed a 10.7% surge in March, an upward revision from the previously reported 9.7% increase.
Economists had forecast retail sales would rise 1.0%. Economists polled by Dow Jones had expected a more modest 0.8% increase.
Many qualified households received additional $1,400 checks in March, which were part of the White House’s $1.9 trillion COVID-19 pandemic rescue package approved early that month.
Retail sales account for the goods component of consumer spending, with services such as health-care, education, travel and hotel accommodation making up the other portion. Households have accumulated at least $2.3 trillion in excess savings during the pandemic, which should underpin spending this year.
