U.S. retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, suggesting the economy was regaining momentum after growth almost stalled in the first quarter.
The jump in sales reported by the Commerce Department on Friday is a boost for the sector that has been hit by sluggish demand. It comes days after major retailers, including Macy's and Nordstrom, reported sales tumbled in the first quarter and lowered their full-year profit forecasts.
"Reports of the consumers' demise appear to be premature," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
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The jump in sales reported by the Commerce Department on Friday is a boost for the sector that has been hit by sluggish demand. It comes days after major retailers, including Macy's and Nordstrom, reported sales tumbled in the first quarter and lowered their full-year profit forecasts.
"Reports of the consumers' demise appear to be premature," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
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