U.S. retail sales drop in April with gasoline and automobiles excluded
The numbers: Sales at U.S. retailers fell in April for the second time in three months, reflecting declines in most major segments including autos, home centers and Internet stores.
Retail sales dropped 0.2% last month, the government said Monday. Economists polled by MarketWatch expected sales to climb 0.1%. What happened: Receipts fell 1.1% at auto dealers after a decline in sales of new cars last month. Sales also declined 1.3% for electronic stores and 1.9% at home and garden centers.Sales jumped 1.8% at gasoline stations, reflecting higher prices at the pump.
Big picture: The latest look at retail sales suggests that Americans remain cautious. Consumer spending in the first quarter was the weakest in a year.Market reaction: The Dow Jones Industrial Average DJIA, +0.82% and S&P 500 SPX, +0.80% were set to open lower in Wednesday trades. Stocks rose the day before to break a string of deep losses after trade talks between the U.S. and China broke down and spurred another round of tariffs.The 10-year Treasury yield TMUBMUSD10Y, -2.01% fell to 2.38%.
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