U.S. retail sales barely grew in April, rising just 0.1% from March, as Trump’s newly imposed tariffs began curbing household consumption. The slowdown was most evident in auto sales, which dipped 0.1% after a March surge, and overall sales excluding gasoline and autos rose only 0.2%. The Producer Price Index fell 0.5% month over month, the biggest drop since April 2020, driven by lower service sector prices. On a year-over-year basis, producer inflation cooled to 2.4%, down from 3.1% in March and undercutting forecasts of 2.5%. The Bureau of Labor Statistics said April’s drop in overall producer prices was driven by a 0.7% decline in service prices. Over 40% of that decline came from reduced margins in machinery and vehicle wholesaling, with other drops seen in finance, software, travel, and hospitality services.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02U.S. retail sales barely grew in April, rising just 0.1% from March as Trump's newly imposed
00:09tariffs began curbing household consumption. The slowdown was most evident in auto sales,
00:15which dipped 0.1% after a March surge. And overall sales, excluding gasoline and autos,
00:22rose only 0.2%. The producer price index fell 0.5% month over month, the biggest drop since April
00:312020. Driven by lower service sector prices, on a year-over-year basis, producer inflation cooled
00:392.4% down from 3.1% in March, an undercutting forecast of 2.5%. The Bureau of Labor Statistics
00:49said April's drop in overall producer prices was driven by a 0.7% decline in service prices.
00:57Over 40% of that decline came from reduced margins in machinery and vehicle wholesaling,
01:03with other drops seen in finance, software, travel, and hospitality services.
01:09For all things money, visit Benzinga.com slash GSTV.