May 18, 2023 — The National Retail Federation (NRF) has announced a resurgence of retail sales in April, with both month-over-month and year-over-year increases. NRF president and CEO Matthew Shay attributes this to customer resilience, moderating price levels, continued labor market strength, and wage gains.
 
“Shoppers are being selective and price-sensitive, but we continue to expect that spending will see modest gains through the course of the year,” says NRF chief economist Jack Kleinhenz. “Year-over-year growth slowed, which was partly because of upward revisions to last year’s data but also an early indication that credit conditions are tightening, and excess savings are shrinking.”
 
According to the U.S. Census Bureau’s calculations, overall retail sales in April were up 0.4% from March and up 1.6% year over year. In March, sales were down 0.7% month over month but up 2.4% year over year.
 
NRF’s calculation of retail sales—which excludes auto dealers, gas stations, and restaurants—showed April up 0.6% from March and up 2% unadjusted year over year. In March, sales were down 0.7% from March but up 3.4% year over year. On a three-month moving average as of April, NRF’s numbers were up 3.7% unadjusted year over year.
 
April sales were up in four out of nine retail categories on both a monthly and yearly basis. Here are some specifics from key sectors seasonally adjusted from last month and unadjusted from April 2022:
 

• Online and other non-store sales were up 1.2% from March and up 6.4% compared to last year.
• Health and personal care stores were up 0.9% from March and up 5.8% compared to last year.
• General merchandise stores were up 0.9% from March and up 4.1% compared to last year.
• Clothing and clothing accessory stores were down 0.3% from March and down 4.1% compared to last year.
• Electronics and appliance stores were down 0.5% from March and down 8.2% compared to last year.
• Furniture and home furnishings stores were down 0.7% from March and down 8.8% compared to last year.
• Sporting goods stores were down 3.3% from March and down 9.1% compared to last year.

 
For more information: nrf.com.