Retail sales in April jumped by the most percentage points in a year, indicating that consumer spending is up after a slow start to the year, according to Bloomberg.
Purchases climbed 1.3% in the month, while the median forecast of economists surveyed anticipated a 0.8% gain.
Eleven of 13 major retail categories showed growth last month, with sales at automobile dealerships, grocery stores and online merchants hitting annual highs.
Household spending, which makes up about 70% of the economy, is projected to advance at a 2.6% annualized pace in the next three months, according to economists. — J.B.