IHS Global Insight painted a bleak picture of consumer spending in April in a recent update. Retail sales declined by .4 percent in April, and a revised March estimate showed a dip of 1.3 percent.
"This is not a pretty report, no matter how you look at it," wrote Brian Bethune, IHS Global Insight Chief U.S. Financial Economist. "Granted, consumer prices may have declined slightly in April, and that will buffer a small fraction of the decline, but spending weakness was fairly broad based with declines across most major channels."
Despite the gloomy news, garden center retailers across the country are reporting increases in foot traffic and better sales figures than last year at this time. Many retailers reported the average ticket down in April, however.
"This is not a pretty report, no matter how you look at it," wrote Brian Bethune, IHS Global Insight Chief U.S. Financial Economist. "Granted, consumer prices may have declined slightly in April, and that will buffer a small fraction of the decline, but spending weakness was fairly broad based with declines across most major channels."
Despite the gloomy news, garden center retailers across the country are reporting increases in foot traffic and better sales figures than last year at this time. Many retailers reported the average ticket down in April, however.
To read more retailer reports, check out our Weekend Weather Wrap-Up reports.
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