By Jeffry Bartash
WASHINGTON (MarketWatch) - Sales at U.S. retailers rose slightly in April and exceeded Wall Street's forecast, as broad demand for most goods outweighed a sharp drop in spending at gas stations. Retail sales rose a seasonally adjusted 0.1% last month, the Commerce Department said Monday, in a sign that consumer spending might not have softened as much as expected. Economists polled by MarketWatch had forecast a 0.6% decline in retail sales. Sales at gas stations sank 4.7% to mark the biggest decline in more than five years. Yet retail spending actually climbed 0.6% in April if gasoline is excluded. Consumers evidently used some of their savings at the gas pump to boost spending on electronics, clothes and hobby items, among other things. They also increased spending at bars, restaurants and Internet shopping sites. Aside from gas, the only categories to see a decline in spending were groceries, liquor and personal-care stores. In March, meanwhile, the decline in retail sales was revised down to 0.5% from 0.4%. The increase in sales in February was revised up a tick to 1.1%.
