“After a warm winter sent Americans into stores, retailers saw sales drop last month, as high gas prices and new worries about the economy weighed on consumers.
Retailers had expected fewer shoppers in April. Analysts were expecting only a 1.5% gain at stores open at least 12 months. That’s considerably below the surge seen a month earlier, when retailers experienced an average 4.5% increase in sales.
Gas prices remained elevated last month, eating away disposable income. And worries surfaced over the recovery after lackluster job growth in March and consistently higher jobless claims that suggest April also experienced weak job gains. These fears weighed heavily on consumers, prompting restrained spending.”
If you enjoy the content at iBankCoin, please follow us on Twitter
