NEW YORK (AP) — Shoppers pulled back on spending in April as higher gas prices fueled by the Iran war meant less money left over for nonessential goods.
Retail sales rose 0.5% in April, a slowdown from the revised 1.6% in March, according to Commerce Department data released Thursday. March marked the largest one-month increase in retail spending in more than three years, largely because gas prices spiked higher rapidly.
Excluding gas prices, retail sales were up 0.3% in April.
Elsewhere in some areas, shoppers had tepid spending.
Sales at department stores fell 3.2%, while sales at furniture and home furnishings stores slipped 2%. Online retailers saw a 1.1% increase.
The snapshot offers only a partial look at consumer spending and doesn’t include things like travel and hotel stays. The lone services category – restaurants – registered a 0.6% increase.
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