American consumers took a respite from going to malls and restaurants as retail sales climbed less than forecast in April after the strongest gain in four years.
The 0.1 percent increase followed a revised 1.5 percent surge in March that was the biggest since March 2010, Commerce Department figures showed today in Washington. The median forecast of 83 economists surveyed by Bloomberg called for a 0.4 percent advance.
Consumers were less inclined to ramp up again after March saw a release of pent-up demand caused by harsh winter weather. At the same time, a pickup in hiring, rising home values and higher April sales at retailers from Gap Inc. to Cato Corp. signal household spending, which makes up about 70 percent of the economy, is poised to resume growth.
“Things are still set up for a strong second quarter,” said David Berson, chief economist at Nationwide Insurance in Columbus, Ohio, who correctly projected the gain in sales. “We’ve seen a reasonably good pickup in job growth. That’s ultimately the key to everything. The economy is getting stronger.”
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Once again Obama economists forecasting a rosy growth picture that will fail to happen. Nixon-Ford-Carter years to continue until the public gets smart.
ReplyDeleteYeah, keep chanting that line, "The economy is getting better!", and get back to me in 3 years...
ReplyDeleteBe longer than that after the idiots elect Shrillary.
ReplyDelete