NRF: Retail Sales Grew in April

Retail sales rose for the seventh consecutive month in April even as gas prices ticked up and inflation remained stubborn, according to the CNBC/NRF Retail Monitor, released last week by the National Retail Federation.

According to the report, total sales were up 6.07% year over year during the first four months of the year, and core sales were up 5.99%.

Meanwhile, total retail sales, excluding automobile dealers and gasoline stations, were up 0.34% seasonally adjusted month over month and up 5.73% unadjusted year over year in April. That compared with increases of 0.4% month over month and 6.59% year over year in March.

NRF also reported that grocery and beverage stores were up 0.36% month over month seasonally adjusted and up 3.21% year over year unadjusted.

"Retail sales continued to grow in April despite higher gas prices driven by the ongoing conflict in Iran, cautious consumer sentiment and the persistent concerns about sustained inflation," NRF President and CEO Matthew Shay said. "Spending on household priorities remains solid, supported by a steady labor market, wage growth and a significant influx of cash from tax refunds. While consumers are mindful on costs, retailers are working hard to keep everyday goods affordable for American families."

In other recent economy news, earlier this month the Associated Press reported that U.S. job openings in March were essentially unchanged but hiring improved.

Employers posted 6.87 million jobs in March, compared to 6.92 million in February, the Labor Department reported. However, AP noted that the numbers don't reflect the full impact of the Iran war and were logged before the war impacted the economy.