The figure settled at 0.1%, which is a fall from the revised 1.5% in March, and way under the 0.4% expected. Sales did not increase at all, excluding automobiles. Expectations were set at a 0.6% increase. March was revised to 1%. Excluding automobiles and gas, the sales decline 0.1%, compared to the 0.5% which was expected and the 1.4% revision for March.
Import price saw a decline of 0.4% since March, compared to the expected 0.3% rise. The report was termed ‘shockingly weak’ by Tom DiGaloma from ED&FMan.
Capital Economics stated that they are in doubt as to whether the annualized real consumption growth for Q2 will exceed the 3.0% for Q1. They stated that the bounce back in the GDP growth during the second quarter was not as large as expected, however they were still expecting a comeback from the weakness experienced during the first quarter. The strong gains in employment are suggestive of a stronger consumption perspective.
The biggest falls were in the electronic field. Increases were evident in clothing and department stores.
