NAICS 444 sales update
Sales for retailers classified as building material and garden equipment and supplies dealers —NAICS 444—for the month of April reached $46.0 billion, on an unadjusted basis. That's down slightly from the same month last year.
Among 13 other major retail classifications, gasoline stations (no surprise) showed the biggest year-over-year gains, jumping 36.9 percent.
Non-store retailers showed the second highest annual growth, up 19.8%.
The National Retail Federation observed that consumers accustomed to inflation continued to spend in April.
“April retail sales demonstrate consumer strength and willingness to spend despite persistent inflation, supply chain constraints, market volatility and global unrest,” NRF President and CEO Matthew Shay said. “While consumers are facing higher prices, they are preserving their budgets by shopping smart.”
April sales were up in two-thirds of categories on both a monthly and yearly basis, with year-over-year gains led by online sales and clothing and grocery stores.
“April’s retail sales data is encouraging because it shows consumers are taking higher prices in stride and remain resilient,” NRF Chief Economist Jack Kleinhenz said. “Sales benefited from Easter/Passover spending and also from tax refunds, which have been delayed by pandemic-related issues at the IRS but are also larger than usual. High gasoline prices, rising interest rates and price pressures across the board continue to be headwinds to spending, but wage and job gains are offsetting that with a tailwind that should bode well for moderate-but-steady spending growth going forward.”
