APRIL RETAIL SALES UP OVER LAST YEAR

April retail sales increased 0.4 percent seasonally adjusted over March and 2.8 percent year-over-year as consumers continued to spend, the National Retail Federation said on Tuesday. The numbers exclude automobiles, gasoline stations and restaurants.

The three-month moving average was up 4.1 percent over the same period a year ago, which is in line with NRF’s forecast that 2018 retail sales will grow between 3.8 percent and 4.4 percent over 2017.

The April results build on improvement seen in March, which was up 0.3 percent monthly and 5.2 percent year over year.

Diving deeper, online and other non-store sales were up 12.2 percent year-over-year and up 0.6 percent over March seasonally adjusted. And, clothing and clothing accessory stores were down 0.4 percent year-over-year but up 1.4 percent from March seasonally adjusted.

“Retail sales growth remains solid and on track as households benefit from tax cuts even though they have faced unseasonable weather and bumpy financial markets,” said Jack Kleinhenz, chief economist at the NRF. “The tax cuts and higher savings levels should help consumers afford the recent surge in gasoline prices. And a solid job market, recent wage gains and elevated confidence translate into ongoing spending support.”

NRF’s numbers are based on data from the U.S. Census Bureau, which said overall April sales – including automobiles, gasoline and restaurants – were up 0.3 percent seasonally adjusted from March and up 4.7 percent year-over-year.