High Oil Prices Slow U.S. April Retail Sales Growth to 0.5%

U.S. retail sales growth slowed sharply in April from the previous month as high oil prices weighed on spending conditions. The U.S. Commerce Department said on May 14 local time that April retail sales increased 0.5% month over month. Retail sales are a key indicator of consumer activity, and the latest figure suggests that elevated oil prices placed pressure on household spending. The original report emphasized that sales still grew in April, but the pace of growth slowed markedly from the prior month. The impact of oil prices on retail demand is likely to remain a focus in upcoming consumption data. Source: mk.co.kr.