Retail Sales Probably Declined in April: U.S. Economy Preview
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Retail sales probably fell in April for a second consecutive month and manufacturing stalled, indicating the world’s largest economy is cooling, economists said before reports this week.
The 0.3 percent drop in purchases would follow a 0.4 percent decline in March, according to the median forecast of 74 economists surveyed by Bloomberg ahead of Commerce Department figures tomorrow. Excluding automobiles and gasoline, sales probably climbed. Other data may show industrial production decreased in April.
Vehicle sales are leveling off as Americans cope with higher taxes, which combined with automatic federal spending cuts, are projected to slow growth this quarter. At the same time, other reports this week may show homebuilding continues to be a bright spot and the cost of living remains contained, signs that the expansion is unlikely to be derailed.
“I wouldn’t expect consumers to rein in their horns a lot,” said Paul Edelstein, director of financial economics at IHS Global Insight in Lexington, Massachusetts. “The fiscal tightening is a negative for growth. Even when the economy is growing slowly, housing is going to do much better.”
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